There’s an obvious place they could look to for guidance: their local bank branches. Trusted with the savings and everyday spending of millions of customers, retail banks are ideally positioned to own the conversation around budgeting, savings, and debt reduction.
According to a 2018 MaritzCX survey, only about a third of American consumers trust banks’ motives and capability to help them with financial decisions — but the COVID-19 pandemic could change that. By creating unprecedented demand for financial guidance and advice, this crisis could accelerate bank branches’ transformation away from just hosting transactions and toward a more advisory model. That shift would have great benefits for both customers and banks.