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Self-Service, ATM, and Other Channel Banking: Omnichannel Experience Needed

June 18, 2013
Karen Augustine

Eighth report from Mercator Advisory Group's 2012

CustomerMonitor Survey Series probes customer use of self-service banking and impact on other channels

 

Boston, MA -June 18, 2013 - Self-service banking is growing rapidly as consumers want to be able to do more banking themselves at their own convenience. Automation reduces the cost per financial transaction, increasing financial institutions' profitability while offering consumers a more convenient way to bank 24/7. Today's consumers have new ways to deposit checks with the growth of remote deposit capture and new ways of getting cash (such as at retail checkout) when making debit card purchases. Forty percent of surveyed consumers had asked for cash back when using debit cards in

stores in six months prior to the 2012 survey, and over half of young adults received cash this way. 

Self-Service, ATM, and Other Channel Banking: Omnichannel Experience Needed, the latest report from Mercator Advisory Group, is the last in a series of eight consumer survey reports based on late 2012 data. This research examines consumer trends in self-service banking adoption by methods for check deposits, use of self-service channels compared to traditional channels, and interest in new, self-service technologies. The study also addresses next-generation ATMs with

no-envelope deposits as well as consumers' interest in other financial services using ATMs and their interest in teller-assisted videoconferencing for banking transactions. 

The 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.


"Consumers are taking advantage of the variety of self-service banking options at their convenience with more frequent engagement using more banking channels than ever before. Consumers using multichannel banking expect more from their banks in the form of faster processing and a consistent user experience across all channels that reflects all the customer's activities performed in any channel. This seamless channel integration, an "omnichannel" experience, will require financial institutions to develop new methods and tools to support and nurture customer engagement," 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 U.S. adult consumer usage of self-service banking channels

-Frequency and usage of ATM deposits, envelope vs. no-envelope, cash vs. checks

-Shifts in methods of receiving cash and depositing checks

-Importance of financial services, coupons, and rewards offered at the ATM

-Trends in use and interest in videoconferencing

 

 

The report is 55 pages long and contains 25 exhibits