Fiserv, Inc., a
leading global provider of financial services technology solutions, has
conducted Expectations & Experiences, its consumer trends online survey of
more than 3,000 banking consumers, in March 2016.
The released results of the study revealed that while a majority of
consumers prefer online or mobile banking, a surprisingly high number of
consumers still visit the branch.
to the survey, more than half (53 percent) of consumers prefer online or mobile
banking for standard daily transactions. Forty-four percent preferred a
traditional branch while two percent chose a fully automated branch with no
personnel on site. 61 percent said they visited their primary financial
organization's branch in the last month. Among those who have visited a branch
in the last month, the common reasons were to deposit checks (68 percent),
withdraw cash (51 percent) or speak to representatives (22 percent), while
online site users most commonly went online to check balances (79 percent), pay
bills (47 percent) or transfer money within the same organization.
through which transactions were conducted also appear to show a relationship to
the consumer's stage of life.
is highlighted by the fact that late millennials, ages 25 to 35, reported
visiting a branch 4.6 times in the last month - higher than any other
generation and much higher than the overall average of 2.9 times.
underscored the influence of mobile technology in people's lives. On average
consumers reported having 24 apps installed on their phones, with nearly one in
six (15 percent) having 40 or more. Two out of three consumers (66 percent) use
five or more apps daily.
affinity for mobile apps, consumers have yet to fully adopt mobile wallets.
Only 16 percent of people have used a mobile wallet. Millennials top the list
for mobile wallet usage, with 36 percent of early millennials, ages 18 to 24,
using mobile wallets and one -third of late millennials (33 percent) doing so.
are making use of all financial channels," said Huntley Bakich, senior
vice president, Digital Banking, Fiserv. "Deciding which channel to use is
often dependent on their personal needs at a particular moment in time. As life
stages change, and require different levels of engagement, they are using all
the tools available to them."
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Source: Fiserv, Inc.