Despite Digital Banking Growth, Traditional Channels Survive

by Edward O'Brien 0

Findings from a national retail banking study found thatdespite growth in digital banking, most Americans still regularly visit theirprimary banks to interact with tellers and advisors, and also frequentlycontact their banks’ call centers.

Accordingto a study by Market Force Information, online and mobile banking isunlikely to displace traditional retail branch banking anytime soon. Consistentwith other recent studies by McKinsey and others, the research found thatconsumers continue to visit their primary banks regularly andstill utilize their banks’ call centers despite increasingly usingonline and mobile banking.

These findings arealso consistent with Mercator Advisory Group research that has consistentlyshown that new channels innovations are welcomed, but are typically used inconjunction with existing banking methods. Banking customers still prefer – and often need – to interact with livesubject matter experts (whether in person in branches or by virtual methods)when discussing more complex products and services like savings andinvestments, lines of credits, loans, and insurance.

Overview by Ed O’Brien, Director, Banking Channels Advisory Service for Mercator Advisory Group

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