Access To No-Fee ATMs Is Increasingly Important To U.S. Consumer
Self-service banking is becoming more integral in the banking process in the United States as consumers do more of their day-to-day banking activities via ATM, online banking, or mobile banking without the assistance of branch personnel. While many consumers still prefer going to a teller for some transactions, most want to be able to do more banking themselves at their own convenience. Financial institutions (FIs) are focused on reducing the cost of service delivery by automating transactions while increasing the convenience of time and place to retail banking customers.
Financial institutions are improving self-service banking with the expansion of online and mobile banking, integrating it more into ATMs and other channels. Our survey findings confirm that U.S. consumers increasingly prefer the convenience of self-service methods for simple transactions rather than visiting a teller. The availability of no-fee ATMs is increasingly important to the banking relationship as more consumers seek them out.
In this new mobile era, consumers are embracing mobile technology and mobile banking and relying on mobile devices more to manage their lives. This fosters more active engagement with their financial institutions as well as growing interest in new options that enhance convenience, save time, and support more services in more channels even within the more traditional channels—bank branches and ATMs. Consumers want a variety of options available that enhance banking convenience.
Mercator Advisory Group’s most recent Insight Summary Report, ATM and Self-Service Banking: The Importance of Surcharge-Free ATMs, from the bi-annual CustomerMonitor Survey Series, reveals that access to no-fee ATMs is increasingly important to today’s consumer, particularly as banks consolidate their branches.