Bank customers are increasingly looking online ― not at branches ― for their auto loans.
That was the upshot from Accenture research released today. Specifically, online sales of auto loans almost doubled, while traditional bank branch-sales dropped nearly 10%, according to the survey of 2,001 retail banking customers nationwide.
Auto loans were but one component of overall banking products that Accenture said showed double-digit growth year-over-year, while sales of the same products via branches declined.
The study said that 35% of banks’ overall marketshare in North America could be up for grabs by 2020, as traditional branch banking gives way to digital banking and as new competition emerges.
