We’ve been in this “new normal” for a while now which means there’s data available on what people expect from retail establishments and what changes will produce the best return on investment for your branch network. With more and more states slowly opening up there’s even data on what you can do to make your corporate campus more efficient and attractive to top talent. Why guess when you can know the right moves to make?
What Consumers Want
- Consumer perception of what you’re doing in response to the pandemic is more important than you may think: In a study of 6000 consumers, 58% say how businesses have responded to COVID-19 has impacted their view of the brand. Meaning, if a brand have ignored COVID-19, didn’t do any changes to provide safety, didn’t shift their marketing messaging, etc. it negatively shaped how they view the brand.
- Providing choice in how to interact is a must: 94% of people say they want to be in control of their personal space during interactions. (Babbage, 2020)
- Only 8% of the typical institution’s account opening activities can be done via mobile, and just 36% of them say they can open a basic checking account via mobile. (Financial Brand, 2020)
- Finally, having physical safety protection like Wellness Guards, adequately markings, and allowing for social distancing is expected: 95% of consumers want companies to implement physical protection and distancing measures to help keep them healthy. (Forbes, 2020)
- Only 14% of consumers have completely moved to banking fully digital, with most of them being Gen x, y, z. (Financial Brand, 2020) The branch is still the preferred method for clients to open accounts and complete complex services–60% say they prefer visiting their branch and only 3% of Americans say they’d stop using their branch as result of the pandemic.
- With branches making up 65% of your cost structure the branch is a critical tool in fostering expert connections, but the approach needs to modified as there are a lot of risks in keeping the operating costs the same amid this pandemic downturn.
What Employees Want
- Most employees (71%) say their employers will be prepared to safely bring employees back to the workplace. (EHS, 2020)
- Only 17% of employees believe their jobs would be impacted by their test results, and few (15%) have concerns about how employers will use COVID-19 test results. (EHS, 2020)
- Employees would like organizations to continue transparency and open communication from leadership (44%); remote work flexibility (42%); and employee wellness efforts (41%). (EHS, 2020)
- 58% of workers aged 45-54 and 54% of workers aged 65 and older say implementing new workplace safety measures would make them feel more comfortable being on-site, compared with only 40% of those aged 18-34. And 55% of respondents from the Northeast, where outbreaks are much higher than in other parts of the country, say they’d feel more comfortable if customers were required to follow safety and hygiene measures, compared with 45% of all respondents. (PWC, 2020)
- Gallup tracking shows that only 39% of U.S. employees strongly agree that their employer has communicated a clear plan of action in response to COVID-19. (Gallup, 2020)