HOW ATM BRANDING CAN BENEFIT FINANCIAL INSTITUTIONS (WHITE PAPER)
A 2013 global survey of consumers by 551 reported 70 percent of consumers expect a self-service option from their financial institution. For the past few years, this trend has become more pervasive. Now, a majority of Millennials prefer to conduct routine transactions themselves, consulting employees only if more help or information is required, according to a study by Source Technologies. As this preference for self-service persists, financial institution (Fl) branches have seen a decrease in visits and face-to-face interactions with employees.
In response to the changes in accountholder contact, many Fis are taking the opportunity to evaluate their current technology and branch performance. Some of the biggest banks are closing hundreds of branches. Citigroup, JPMorgan and Bank of America shut down over 389 branches in 2016. Many smaller institutions are also eliminating full service branches, spurred by drops in foot traffic.
However, despite the change in desire for in-person interactions, accountholders still demand consistent interaction with their Fl as well as convenient self-service options.
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