A News Consumer — 22 February 2016

A new report called, Omnichannel and Branch Banking: Making It Personal, reveals that consumers want their financial institution to know them better.

The survey suggests that 3 in 4 U.S. adults own smartphones or tablets, and 70% of them would be interested in their financial institution providing more personalized service to them on their mobile device when they enter their bank. Bluetooth low energy (BLE) technology is one way that financial institutions can provide personalized service by using beacons to transmit custom messages to customers’ mobile devices based on the individual’s location. Mobile accessibility supports deeper customer relationships and offers greater convenience.

National Pain Report Visa Prepaid Debit Card ImageConsumers are most interested in using this technology to inform tellers or branch personnel of a recent issue or problem when they enter the branch so they can take action.

Consumers are demanding a new kind of retail bank that blends a physical presence with digital technology for quicker service and access to a deeper knowledge base.

“The branch remains a vital component of the banking relationship, but consumer expectations are changing. Young adults, high-income earners, and mobile banking users are more likely than average to visit the branch, but not necessarily for simple transactions,” states Karen Augustine, manager of Primary Data Services including CustomerMonitor Survey Series at Mercator Advisory Group and 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 and satisfaction with those methods
  • Consumers’ preferred type of branches
  • New account openings by type of account by method, and experience with account opening
  • Reasons for branch usage, frequency of visits, and interaction with branch staff
  • Interest in becoming aware of relevant new financial products and services and preferred methods of learning about them
  • Interest in mobile-based personalization when visiting a bank branch or ATM
  • Trends in use of and interest in in-branch videoconferencing with product specialists or teller-assisted videoconferencing for conducting transactions
  • Frequency of cross-platform issues, delays or redundancies in information needed

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