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.
So now that we agree that something needs to be done – who will provide the leadership?
Any bankers want to lead so that they can take one step to start to restore “trust”?
This is a self-fulfilling prophecy! How many of these banks have anyone in their branches that are qualified to discuss auto loans? How many in the branch even have loan authority?
I agree with Frank Rauscher’s comment. Walk into any bank branch and ask about an auto loan and you get a blank stare.