PaymentsJournal explores consumers' preferred methods of depositing $50 and $1,000 checks, ranked by the size of the deposit.
Showing posts with label bank branch. Show all posts
Showing posts with label bank branch. Show all posts
Monday 2 August 2021
Consumers’ Preferred Method of Depositing Checks
Thursday 14 November 2019
The American consumer is still using bank branches
The future of bank branches may not be as perilous as once believed. Mercator’s data shows that the American consumer is still using branches, along with a myriad of other ways of interaction with their bank. Check that data out at https://www.paymentsjournal.com/dont-be-so-quick-to-bulldoze-the-branch/
Check out the video too. At around the 2:30 mark, Jamie Dimon discusses the fact that branches are not dying and that customers of all ages are using branches.
To call Jamie Dimon an influencer is an understatement. He is a center of gravity around whom others orbit. Dimon took over JPMorgan Chase in 2005, just a few years before the financial crisis struck. He has since turned the bank into the US's second-most lucrative business, raking in $32 billion in profits last year, the chairperson of the powerful Business Roundtable and a board member at the Federal Reserve Bank of New York, Dimon is reportedly a billionaire. Here he talks about the changes that most profoundly shape the economy and what he has learned up close from weathering them and optimizing them.
Check out the video too. At around the 2:30 mark, Jamie Dimon discusses the fact that branches are not dying and that customers of all ages are using branches.
To call Jamie Dimon an influencer is an understatement. He is a center of gravity around whom others orbit. Dimon took over JPMorgan Chase in 2005, just a few years before the financial crisis struck. He has since turned the bank into the US's second-most lucrative business, raking in $32 billion in profits last year, the chairperson of the powerful Business Roundtable and a board member at the Federal Reserve Bank of New York, Dimon is reportedly a billionaire. Here he talks about the changes that most profoundly shape the economy and what he has learned up close from weathering them and optimizing them.
Friday 14 April 2017
Speeding Up the Account Opening Process
From Bank Director
Customers shouldn’t have to visit a branch to open an account. Here’s how to gain a digital edge.
Friday 23 December 2016
More banks are closing as digital banking booms
New research by Which?, the leading UK consumer organization, has shown that 1,045 branches have closed in the last two years — HSBC closed 27% of its branches, while Lloyds closed 14%. The smaller Co-operative Bank closed a whopping 53% of its branches.
READ MORE>>
Wednesday 20 April 2016
Which Banking Channel Do Consumers Want More?
From The Financial Brand -
Consumers today still crave one-to-one attention from their banking providers, and have a strong preference for in-person assistance when making major financial decisions such as first-home mortgages. That’s according to a study from TimeTrade.
In their “State of Retail Banking 2016 – Consumer Survey,” research findings reveal that all ages — but particularly younger generations — say they value the option to visit an actual, physical branch. Both Millennials and Gen Z express a more intense preference for in-person discussions than other generational segments. When it comes to important financial issues, they are among the most willing to visit a bank or credit union branch for advice.
The TimeTrade survey, which encompassed over 2,000 participants, found that nearly half of consumers look to visit a branch, and are more keen to do so when they have bigger banking questions. 43% of respondents report visiting their bank branch more than ten times a year, with the average consumer saying they visited their bank branch an average of roughly six times per year.
When visiting a branch, 78% said one of the reasons they came in person was that they required assistance from a specialist… perhaps because other digital and self-service channels failed?
( Read More: Banks Frustrate Consumers Who Want a More Personal Experience )
TimeTrade says the data indicates that in-person meetings are still a priority, especially when high-value services are involved. However, just because consumers are willing to drive to a branch doesn’t mean they will be patient when they get there. 64% of consumers say they are willing to wait less than ten minutes to be helped.
One way that banks can provide people with a simpler and more convenient service is by offering them the ability to pre-book appointments. 46% of respondents say they would like their bank to offer this option, and 65% overall are receptive to the idea.
Despite industry buzz, consumers seem — for the most part — indifferent about café-style branches, with the majority of respondents in the TimeTrade study saying it has no influence on their decision of where they bank. They couldn’t care less about coffee and wifi, so they say.
Consumers are also reluctant to embrace a fully-automated branch model. When banking consumers were asked how they felt about branches with no tellers and automated transactions, more than half said they would prefer the option of being able to talk to a teller. Still… there are quite a few consumers who seem more than willing to consider going branchless.
Respondents in the study also expressed apprehension about automation occurring more generally in the banking industry, overwhelmingly saying that — when there’s a need — they would prefer face-to-face assistance from actual people rather than from options like online/remote tellers.
Gary Ambrosino, CEO of TimeTrade, says today’s consumers have the same “on-demand” digital expectations when banking as they do when interacting with retail, travel and other brands. “At the same time, the data tell us that people still want a face-to-face experience when making big financial commitments — not strictly automated online services — and they expect these services with minimal wait-time,” explains Ambrosino.
“In banking, personalization equals trust,” says Ambrosino. “Smart banks are positioning themselves to build trust — and get more business — by personalizing banking experiences.”
This study exposes the mounting tension between old and new delivery channels: traditional branches vs. digital self-service. Are consumers really ready to ditch bricks for clicks?
Consumers today still crave one-to-one attention from their banking providers, and have a strong preference for in-person assistance when making major financial decisions such as first-home mortgages. That’s according to a study from TimeTrade.
In their “State of Retail Banking 2016 – Consumer Survey,” research findings reveal that all ages — but particularly younger generations — say they value the option to visit an actual, physical branch. Both Millennials and Gen Z express a more intense preference for in-person discussions than other generational segments. When it comes to important financial issues, they are among the most willing to visit a bank or credit union branch for advice.
The TimeTrade survey, which encompassed over 2,000 participants, found that nearly half of consumers look to visit a branch, and are more keen to do so when they have bigger banking questions. 43% of respondents report visiting their bank branch more than ten times a year, with the average consumer saying they visited their bank branch an average of roughly six times per year.
When visiting a branch, 78% said one of the reasons they came in person was that they required assistance from a specialist… perhaps because other digital and self-service channels failed?
( Read More: Banks Frustrate Consumers Who Want a More Personal Experience )
TimeTrade says the data indicates that in-person meetings are still a priority, especially when high-value services are involved. However, just because consumers are willing to drive to a branch doesn’t mean they will be patient when they get there. 64% of consumers say they are willing to wait less than ten minutes to be helped.
One way that banks can provide people with a simpler and more convenient service is by offering them the ability to pre-book appointments. 46% of respondents say they would like their bank to offer this option, and 65% overall are receptive to the idea.
Despite industry buzz, consumers seem — for the most part — indifferent about café-style branches, with the majority of respondents in the TimeTrade study saying it has no influence on their decision of where they bank. They couldn’t care less about coffee and wifi, so they say.
Consumers are also reluctant to embrace a fully-automated branch model. When banking consumers were asked how they felt about branches with no tellers and automated transactions, more than half said they would prefer the option of being able to talk to a teller. Still… there are quite a few consumers who seem more than willing to consider going branchless.
Respondents in the study also expressed apprehension about automation occurring more generally in the banking industry, overwhelmingly saying that — when there’s a need — they would prefer face-to-face assistance from actual people rather than from options like online/remote tellers.
Gary Ambrosino, CEO of TimeTrade, says today’s consumers have the same “on-demand” digital expectations when banking as they do when interacting with retail, travel and other brands. “At the same time, the data tell us that people still want a face-to-face experience when making big financial commitments — not strictly automated online services — and they expect these services with minimal wait-time,” explains Ambrosino.
“In banking, personalization equals trust,” says Ambrosino. “Smart banks are positioning themselves to build trust — and get more business — by personalizing banking experiences.”
Monday 16 November 2015
The Evolving Bank Branch
“According to Codigo, more institutions are remodeling branch locations than in previous years. According to Codigo’s 2015 Branch Transformation Report, 51% of banks and credit unions are remodeling a banking center now through 2016. This compares to only 26% who indicated remodeling plans in 2014,
This data indicates that more institutions are rejuvenating old branch locations to better respond to the changing needs of today’s consumer, including the highly digital-first Millennial segment. This report is the second annual research study that provides a snapshot of branch strategies for over 250 financial institutions in the United States.
Compared year-over-year, the report provides great insights into the banking industry’s branch transformation trends. Here is a brief summary of five takeaways from this year’s report.”
Read more>>
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