A recent study by Rosetta, part of the Publicis Groupe of marketing agencies, says more and more people are giving up on the traditional branch of their financial institution.
- 52% say their bank's website is their primary method of banking
- 32% say the branch was their primary method of banking
- 47% say they would do all banking online if they could
The Rosetta survey involved more than 1,100 consumers in a range of ages and diversity of incomes, and discovered that consumers most use online banking for:
- Balance inquiries and account activity
- Bill payment
- Transfers between accounts
- Obtaining financial information
Rosetta Managing Partner Ned Elton says "The on-going trend is pushing people away from the traditional retail environment. I don't think retail goes away—but I think it needs to be digitized." An article in The Economist explores changes attracting consumers to financial institutions such as branches that feel like cafes and newer forms of technology like iPads and tablets, and branches in other countries.
Read the Economist article here.
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