November 13, 2009

Recent surveys conducted by YouGov and Datamonitor have highlighted the value of branch banking over purely online banking, with consumers showing a preference for face-to-face advice. This has major implications for an industry which appears to be moving away from the branch model, as well as for non-traditional players looking to enter the market without an already established branch network.

A recent YouGov survey conducted for Deloitte has revealed that many banks' move toward the online channel may be a misguided strategy, with consumers stating a clear preference for physical branch networks and face-to-face advice. While over half of respondents said they would only put their savings in a bank whose branches they could actually visit, 65% said that they would not consider taking out a mortgage unless they had received face-to-face advice.