How people choose channels for financial transactions?

How people choose channels for financial transactions?

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.

According 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.

The channels through which transactions were conducted also appear to show a relationship to the consumer's stage of life.

This 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.

The study 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.

Despite their 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.

"Consumers 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.

Date Insert: 12/20/2016
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