Slip-In-The-Slots Beats Teller Lines

by Mercator Advisory Group 0

If a consumers’ primary bank were to install more ATMs and self-service kiosks for no-envelope deposits, more of them would be inclined to use the self-service method.

So say 36% survey, versus the 30% that would still only use the teller (30%), according to research from Mercator Advisory Group.

Since 2012, more consumers report they may take advantage of using an ATM instead of a teller (36% in 2014, up from 24% in 2012), while fewer consumers would still likely use a teller (30% in 2014, down from 41% in 2012).

As self-service banking technology advances, becoming easier to use and offering greater functionality, consumers begin to prefer the convenience of self-service channels to conduct basic banking transactions rather than going to the branch to have a teller serve them.

Responses from an expanded sample of 3,000 U.S. adults were collected in the annual online Banking and Channels survey, conducted in November 2014. The survey finds the fastest-growing check deposit method is mobile remote deposit.

This recent Mercator Advisory Group CustomerMonitor survey reinforces other research that banking customers are embracing self-service methods for an increasing number of their financial transactions. And this increased usage is likely to increase as new innovations in ATM and mobile banking technology become available as part of ongoing branch reconfiguration efforts.

Overview by Edward O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group

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