Fifth report from Mercator Advisory Group's 2012 CustomerMonitor Survey Series probes customer usage of branches, communication methods, and attitudes toward remote banking technologies
Boston, MA - February 21, 2013 - Branch banking remains a vital means for financial institutions to forge stronger customer relationships and cross-sell products and services. In today's digital environment, FIs must reinvent the branch experience to make branches more compelling places to visit, and innovations such as new remote teller technologies and videoconferencing are serving to enhance the customer experience. Nearly half of Mercator Advisory Group survey respondents indicated that they would try videoconferencing with a customer service representative or product specialist if no branch representative or specialist were available in person.
Branch Banking 2012: All About the Relationship, the latest report from Mercator Advisory Group, is the fifth in a series of eight consumer survey reports for 2012. This study examines market dynamics including changes in usage, communication methods and preferences, satisfaction/usage of different types of branch activities, FI loyalty, and use of shared branch networks. While survey findings suggest that branch visitation is declining slightly, visiting branches remains consumers' preferred method of communication with banks. This method of interaction was mentioned by 34% of survey respondents and preferred by 15%.
Report findings are based Mercator's CustomerMonitor Survey Series. The foundation of the series is data obtained during a national sample of 1,008 online consumer survey responses completed between October 23 and November 2, 2012.
"Branch banking is not going away, but it does need to evolve. The branch, even in the digital age, will remain a key sales tool for the financial institution to develop and expand customer relationships," states Karen Augustine, manager of CustomerMonitor Survey Series at Mercator Advisory Group and the author of the report.
Highlights of this report include:
- Year-over-year trending of the number/types of financial institutions used by consumers, the institutions they consider their primary FI, usage of the primary institution's credit card, and types of financial advisors
- Shifts in communication methods with FIs, satisfaction with those methods, and preferred type of branches
- Reasons for branch usage, frequency of visits, and interaction with branch staff
- Highest-ranking methods of learning about new financial products and services
- Trends surrounding the interest in-branch videoconferencing
One of 21 exhibits in this report:
The report is 52 pages long and contains 21 exhibits
Members of Mercator Advisory Group CustomerMonitor Survey Series Service have access to this report as well as the upcoming research for the year ahead, presentations, analyst access and other membership benefits.
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Mercator Advisory Group is the leading, independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.