2020 US Retail Banking White Paper

Survey Report: Insights from 2,000 US consumers demonstrate which banks they prefer, what they think of challenger banks and how they want to engage with their banks.

With the retail banking industry undergoing a revolution due to the growth of mobile banking, digital transformation and challenger banks, many traditional banks are taking steps to ensure their brand remains relevant to modern consumers. 

To support retail banks with their strategic decision-making, Qudini surveyed 2,000 US consumers to understand their opinions on traditional banks vs challenger banks and the importance they place on branches and other customer service channels.

What’s inside?

• How consumers feel about retail banks: brand awareness, marketing, in-branch experience, online banking and customer service
• Find out if the Big Four should be worried about the neobanks
• The support channels consumers prefer (by generation)
• What technology banks need to invest in according to their customers
• How consumers complain and why.

Some of our findings:

• 92% of respondents said good in-branch experiences are important or extremely important
• 86% of respondents agreed that it’s important or extremely important for banks to have physical branches
• 66% of Gen Zers have made a complaint against a bank before
• Bank of America has the highest percentage of customers and the highest level of brand awareness
• Wells Fargo had a particularly large Gen Z customer base at 23% (the generational average is 17%).

Who we are:

At a time where it is essential for retail banks to remain profitable and relevant, leading brands are better meeting customer service needs in the times and places that are convenient to them.

Qudini offer Retail Choreography software solutions to help retail banks drive footfall, increase sales and encourage ongoing loyalty through branches, telephony services, video banking and beyond, through:

• Appointment Scheduling
• Walk-in/Queue Management
• Task Management
• Event Booking
• Branch Floor Management

Read about our solutions, use cases and ROI here: www.qudini.com/industries/retail-banking

Attend our webinar

Join Qudini’s CEO and Co-founder, Imogen Wethered, on her “What US consumers demand from their retail banks” webinar to discover fresh consumer insights into the US retail banking sector.

Register for the webinar here.