Are Bank Branches Necessary in the Digital Age

RBCWith banking operations taking the digital route these days, one question often lingers in our mind. Are banks necessary at all in today’s age? With all kinds of banking transactions available online, does somebody visit banks at all these days? The answer can be surprising for many, but it is the truth. Yes, banks are necessary in the digital age today and they still matter a lot to customers. Read on to know more.

Face to face interaction

Almost all customers today (young & old) believe that in spite of the digital revolution that has been happening in the banking industry, branches are necessary for the face to face experience that they provide. Customers prefer to visit banks and have a detailed discussion with their bankers for information like new account opening, loan application, investment products etc.

Local branch benefits

When customers know that their bank branch is close to the area where they live, it gives them the assurance that they can walk into the bank any time and get all their doubts and issues sorted out personally. Today, customers believe that using a mix of branch banking and other facilities like phone banking/mobile banking etc. is the right approach. Hence for transactions like transferring funds, paying utility bills and the like thy make use of the digital banking platform and for services like bank account opening, they make use of local branches.

Customers, especially aged people still visit banks today for all their regular banking requirements. These are the people who are not comfortable with digital platforms. Branches are the only ways with which they can transact. Therefore, while there is no doubt that digital banking has been growing phenomenally over the years, there is always one section of people who will prefer to go to branches for all their banking needs.

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