The Internet continues to be America's most popular banking channel but is losing ground to mobile, ATMs and even branches, according to an ABA survey.
The data is misleading here. Between 2008 and 2014 the annual average number of visits per customer has declined across US branches from 4.8 times a year, to just 2.3 times per year. That is NOT an increase in case anyone is counting, it is in fact a greater
than 50% decrease in branch activity.
Survey's on preferences are not what bankers should be watching. ACTUAL visits to the branch are actually a better statistic for predicting customer behavior.
Sample size of 1000 is pretty small number for geography of US. It looks like 3 to 5 customers per state or 4 to 5 guys in top 20 cities.
How can a interfence drawn from such small data may not reflect true picture? isn't it?
I'm struggling to see how this data could be correct.
6% of respondents...60 people...say "mail" is their #1 preferred channel for interacting with their bank. Seriously?
It would be interesting to know whether the use of good old NetBanking from tablets and smartphones is counted under Internet Banking or Mobile Banking.
According to ABA's own press release, the question asked was "Which method do you use most often to
manage your bank account(s)?" (http://www.aba.com/Press/Pages/082014ConsumerSurveyMobileBanking.aspx)
I think "manage" and "use" are two different things. People may use mobile banking frequently but often just to get a quick glance of balance or initiate a payment. It shouldn't be a surprise that the top 2 channels where surveyees
manage their finances are internet banking and branch.
Presumably this research was done by the same insightful geniuses who told Heineken's CMO that the ad line "Refreshes the parts other beers cannot reach" was a complete dog. Utter drivel.
This is a very weak, unfocussed and self-interested survey.
After discussing 'managing finances' they make statements about branches and ATM's in the same context. They use words such as "When people are conducting a complex transaction", then get into 'preferred banking method" in the next sentence, talking about
Brett's commet about volumes by channel is all that matters. Is someone suggesting "branches gain popularity" as in the ABA news release?
All's well that ends well - to me, the last line "absolute preferences are becoming increasingly meaningless" is the key takeaway.
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