The Branch Is Dead

This ViewPoint has been reprinted for Fincentric with permission of TowerGroup. TOWERGROUP V I E W PO I N T THE BRANCH IS DEAD, dour Live the Branch By Jerry Silva, Senior Analyst, Retail Banking, TowerGroup Issue 3: August 2002 Leading thoughts on issues facing the financial operate industry. The findings are remarkable. When TowerGroup Primary Market Research surveyed 4,500 US households in 2002, 93% of those households had performed a banking relations in the branch in the 30 days before being surveyed. Even much surprising was that 85% of households that identified the Internet as their master(a) banking channel had conducted banking transactions in a branch in the previous 30 days. These transactions were not conducted at the machine-driven teller machine (ATM) in the branch lobby just at the teller and platform stations. Whats going on here? Those who are familiar with the banking industry glob whollyy learn that the branch is the delivery channel preferred by Latin American and most European customers. But the continued predominance of the branch in the United States may come as a surprise.

Clearly, customers continued preference for the branch is not what US banks want to hear, especially after pouring millions of dollars into ATM networks, call off centers, and the Internet, and now considering investments in the future of wireless banking. The reality is that as banks introduced alternative ways to deliver financial services, customers adopted those carry as they saw fit, determining which transactions they would perform on which channels, at which times, and how often those channels held value for them. In fact, transaction volumes have never decreased in any unity delivery channel because customers have increased the use of all available banking channels. Now banks have reason to pause to reconsideration exactly what to do with the variety of delivery mechanisms they have reinforced over the years. Of particular relevance, evidenced by the findings of our survey,... If you want to get a full essay, order it on our website: Orderessay

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