Research from Nucoro, the London based fintech platform that enables banks to deliver innovative investment and savings solutions, reveals that of those people who used bank branches before the first COVID-19 lockdown, 24% plan to use them less when restrictions are lifted. In contrast to this, 9% believe they will use them more and 53% say their use of branches will not change.
Here are the full details:
Of those who use bank branches, how will their use of them change after the Coronavirus lockdown is lifted?
Percentage of people who use bank branches:
- Use of bank branches will not change - 53%
- I will use them a little bit less - 13%
- I will use them a lot less - 11%
- I will use them more - 9%
- Don't know - 14%
Of those people planning to use their bank branches less, 9% estimate that they will make five or more fewer visits a month after the restrictions due to the ongoing Coronavirus pandemic are lifted. Some 31% expect to make one less visit to their branch per month, and 44% anticipate they will make between two and four fewer visits. Nevertheless, some 14% are unsure to what extent their use of branches will fall.
Nikolai Hack, COO Nucoro states: “During the Coronavirus lockdown we estimated in the first four weeks or so some six million people downloaded their bank’s app for the first time. As people are having to stay indoors, more are turning to digital channels to communicate with their banks and many will continue to use these once the restrictions are lifted. If this results in fewer visits to branches over the long-term, more could end up closing."
Over the past five years, more than a third of the UK’s bank branches have closed, while a number of those that have survived have reduced their opening hours. Many more could be at risk of closure as more customers have started to use digital banking more.
From client onboarding to portfolio construction through to billing, Nucoro combines all the tools required to build the next generation of investment and savings propositions. To help banks and other financial services embrace innovation, Nucoro offers a new technology-based foundation built without legacies - a complete overhaul to the models of client service and accessibility. It offers a radically different approach to the relationship between technology providers and the organisations adopting their solutions.
Nucoro is making this technology available for financial services companies that have the ambition to truly innovate and future-proof their businesses - and are struggling to realise their digital ambitions. Find out more here.
