What Consumers Need to Know About the Future of In-Person Banking

(StatePoint) From digital payments to video banking, the way consumers conduct basic financial transactions has changed substantially throughout the past decade, and the COVID-19 pandemic has only accelerated the trend toward digital banking. However, brick-and-mortar bank branches continue to play an essential role for many consumers when it comes to important financial conversations. Industry experts say more changes are coming down the pike to meet consumers’ evolving needs and to provide the right mix of digital tools and experiences, with more personalized human interactions at brick-and-mortar bank locations.

Leading the charge in implementing some of these changes is one of the largest diversified financial services institutions in the United States, PNC, which is embarking on a multi-year conversion of its retail branch network in response to feedback and insights gleaned from its customers. Between May 2022 and the end of 2026, more than 60% of its 2,600 branches nationwide will convert to a new format. Basic financial transactions will begin to be completed using automated or self-service solutions, such as ATMs and video banking, freeing bankers’ time to hold more in-depth conversations and truly engage with customers in offering financial advice, expertise, and solutions to help them meet their financial goals.

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