Banks are discovering that multichannels are the rage in this digital age for many customers, particularly those customers looking for banks in new markets. This piece notes PNC’s plans to leverage this growing multichannel demand as they seek to attract new customers in the midst of their acquisition of RBC Bank.
Depending on their individual needs and circumstances, customers often require that a bank have numerous branches and ATMs near their work, home, and travel destinations, while also providing deep online and mobile banking capabilities. This point was made clear in the recent Mercator Advisory Group report “Consumers And Retail Banking Channels: Old Channels Never Die, ” where customers identified channel-related factors as being in the top tier of consumer concerns when selecting a bank for a checking or savings account. Interestingly, the importance of online account access is highly valued across age segments.
Greg McBride, senior financial analyst for Bankrate.com, North Palm Beach, FL notes: “The most dynamic financial institutions meet the needs of their customers in multiple ways: Branch and ATM access, Internet banking and mobile banking. There has to be a mix.”
Adds Steve Moss, a banking analyst with Janney Montgomery Scott, Philadelphia. “You do need branches to make inroads in a new market. It’s part of the branding. But it doesn’t mean you have to have at least some minimum number of branches to be effective. Online and mobile banking is definitely a component to being successful.”
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