Branch-based banking will be “dead” within five years.
That’s according to a new report by the Economist Intelligence Unit (EIU) entitled “Branching out: can banks move from city centres to digital ecosystems?”
The report incorporates data from over 300 senior global banking executives. Key findings include:
- 65% of bankers believe that the branch-based model will be “dead” within five years, up from 35% four years ago
- Four in five believe that banks will seek to differentiate on customer experience rather than products
- 47% expect their businesses to evolve into ecosystems over the next two years, partnering with both banking and non-banking third parties
- Two-thirds of banks see new technologies as the biggest driver of change for the next four years, up from 42% three years ago.
Download the report today to find out more invaluable insights on the future of the banking industry.