Bank branches “remain in demand” the 2025 Consumer Banking Report from Accenture shows.
Accenture said of 1500 surveyed in Australia “71% like seeing branches in their neighbourhood as it confirms banks’ stability and availability, while 65% turn to branches to solve specific and complex issues.”
Accenture’s biennial Banking Consumer Study, which surveyed 49,300 respondents across 39 markets – including those in Australia - found that “banks that rekindle personal customer relationships and foster advocacy could boost organic revenues.”
Accenture analysis revealed that APAC-based banks with the highest advocacy scores (top 20%) grew their revenues 1.3 times faster, with advocates holding more products on average and allocating a greater share of their wallet at these banks.”
This comes as digital “continues to make banking transactional and impersonal, with customer loyalty weakening as a result”, according to the study.
While 71% of Australian customers surveyed have stayed with their main bank for over seven years, more than half (57%) consumers are embracing multi-banking relationships and almost a fifth (17%) are using a digital bank in some capacity (main or secondary bank).
Ian Pollari, Financial Services Lead at Accenture ANZ said: "There’s a lazy loyalty among banking customers today as digital continues to make banking more and more impersonal.
“While most aren’t switching banks entirely, they are increasingly ‘cheating’ on their main bank by obtaining services from other providers.
“The banks that reignite the spark by building advocacy through service can create a moat that will be difficult for digital banks to breach.”
Consumers don’t necessarily trust their bank when offered new services, the Accenture report finds.
Almost half (44%) of Australian consumers feel, at least sometimes, “pushed toward products that seem to be more beneficial to their bank than themselves. This can erode trust and make customers hesitant to engage with their bank.
“The most important factors when choosing a bank are; Data security, fraud protection and privacy, with 92% of Australian respondents saying it’s important.
“These factors are critical to maintaining consumer trust and banks should treat them as more than just a compliance exercise.”