Customer satisfaction is significantly higher among those who have visited a bank branch within the past 12 months when compared to those who have only used digital channels, a new report has found.

The JD Power research also found that among Millennials, satisfaction is highest when bank customers use both branch and digital banking channels.

The survey of almost 80,000 retail banking customers found that overall satisfaction among those who visited a bank branch within the past 12 months is 27 index points higher (on a 1,000 point scale) than among those who did not visit a branch (824 vs 797).

Among Millennials, overall satisfaction among those who used the branch and mobile is 20 index points higher than among those who used the branch only and 37 points higher than among those who used mobile only. The figures also reveal that 78 per cent of new accounts are opened in branch.

Jim Miller, senior director of banking at JD Power, said: “There is no question that banks need to get the digital experience right in order to attract and retain customers, however, the branch continues to play an important part of the overall customer experience.

“The trend is particularly noteworthy among Millennials who represent the future of banking, and consistently demonstrate that overall satisfaction is higher among customers who use both the branch and mobile banking. Banks can't choose between the two channels; rather, they must focus on how the two work together.”

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