Channels: Which One Owns the Customer?

July 12, 2002

Abstract

Boston, MA, USA July 12, 2002

ATM is Number One for Banking Customers

A recent Celent survey of banking customers around the country found that although no single channel has monopolized consumers, 63% selected the ATM as the channel used most often for completing banking transactions.

In a new report, Celent Communications provides financial service providers with insight into the state and motivations of users and their channel decisions. In addition to the overwhelming popularity of the ATM, the survey found that, as suspected, bank customers are not loyal to any one channel and continue to prefer multiple touch-points. Even branches, which were once predicted to be supplanted by the Internet, remain popular. In fact, 53% of the respondents had been to a branch within the last month.

"The complexity of the transaction and the consumer痴 trust in the channel play major roles in channel selection," says Christine Barry, Celent analyst and author of the report. "Surprisingly, the size of the transaction was only a factor for a small percentage of our respondents."

It is essential that financial institutions understand customer channel preferences and make meeting customer needs a priority. Each channel should be utilized in the most efficient and effective way and customers should be encouraged to use the more cost-effective channels whenever possible. "Integrated channels that provide consistent real time data and a hassle-free experience have become not just a competitive advantage, but a necessity." says Barry.

A Table of Contents is available online.

of Celent Communications' Retail Banking research service can download the report electronically by clicking on the icon to the left.

        

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Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

 

  Boston, MA, USA July 12, 2002

Channels: Which One  Owns the Customer?

Return to report Abstract

 

EXECUTIVE SUMMARY 3
THE SURVEY 4
  Methodology 4
  The Respondents: Demographics 4
CHANNELS 7
  The Internet 7
  Wireless 11
  ATM 13
  Branch 14
  Telephone/Call Center 16
SURVEY RESULTS 17
  Factors Influencing Channel References 19
  Number of Transactions 20
RECOMMENDATIONS 22

 

        

 

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