Times are changing, and today’s digital world is having widespread effects on an array of consumer behaviors, including how we handle our finances. Electronics and mobility are key trends for financial institutions to keep track of, but consumers aren’t ready to sever all ties with their local bank branches just yet.
According to Nielsen data from a custom study conducted in November 2013, the vast majority of U.S. consumers (82%) have entered the digital arena, stating that they banked online at least once in the last 30 days. The high percentage speaks to the prevalence of the digital world in consumers’ lives, especially when compared against the 68 percent of people who said they had visited a physical branch in the same period. Continue reading →
With the rapid expansion of smartphones and tablet devices, bank customers today are highly informed, relying on reviews and information published across social media channels, and do banking online 24/7. Customers can be reluctant to visit branches, and it is more likely than ever that these customers will switch their main banking relationship. To cope with this change, banks today are striving to provide a strong digital channels offering. But should banks focus on online banking on the personal computer platform, or on mobile and tablet banking Solutions? Continue reading →
A simple homepage layout engages your audience and guides them where they want to go. Here are seven steps to make it happen.
We see it all the time… financial institutions so eager to inform their audience of every special deal and product that they jam everything onto their homepage. But try to tell people everything and you’ll end up telling them nothing. Instead, you’ll just turn them off, because the layout is too cluttered and distinct information coalesces into a blob of color and text. Continue reading →
Banks and credit unions have been bemoaning the decline in branch foot traffic for some time now. In part, this is a result of widespread and accelerating consumer preferences for digital channel interactions. In a 2012 Celent survey of North American financial institutions (an effort we intend to repeat in 2014) , nearly half of respondents expected a 10% to 25% runoff over the next five years. Many expect a higher rate of decline. Continue reading →
There is no such thing as a truly secure password; there are only more secure or less secure passwords. Passwords are currently the most convenient and effective way to control access to your accounts. But passwords are a mess. We have too many; sometimes they are all the same, which makes it easier for a hacker; many passwords are “123456” and easy to crack; and there are numerous ways that a criminal can spy on us to log our keystrokes. Continue reading →
In the next few years, consumers say they plan to use branches as much if not more than they do today. But data suggests the tide is shifting to digital channels.
Branches remain the preeminent delivery channel for banks and credit unions… for the time being, that is. According to research from Accenture, consumers still prefer branches to websites, but the margin is narrowing — 41% to 35%.
In Accenture’s survey of 2,000 U.S. consumers, nearly four out of five consumers (78%) said they see themselves still using branches as often — if not more often — in five years’ time, in large part because 66% of them still prefer to talk to a person vs. purchasing a banking product online. Continue reading →