It’s no secret that today’s consumers want the best of both worlds—flexibility and connectivity on their time. Technology is helping consumers achieve that goal. Whether in the office, at home, or during a daily commute, consumers are staying connected through Smartphones, tablets, laptops and a myriad of social media. Every industry sector is taking advantage of these new technologies to provide more capabilities for the end-user consumer, and the financial services world is no exception. Online and mobile banking have made it easier for consumers to stay connected with their finances. The result: People are cutting back on branch visits. As reported by Intuit Financial Services’ Third Annual Online Financial Management Survey, only 20 percent of consumers physically visit their bank branch on a weekly basis.
When survey respondents were asked, “How Often Do You Physically Visit Your Bank Branch?” the survey found that:
- 20 percent: Once or twice a week
- 21 percent: Every two weeks
- 26 percent: Once a month
- 17 percent: Once every three months
- 16 percent: Never, I do everything online
For financial institutions, these results point to a timely opportunity to enhance their e-branch services. As consumers begin visiting physical branches less, they will rely on the financial management tools provided by their financial institutions. Our recent IFS survey also found that consumers are using online tools for varied banking tasks; 83 percent use online banking to track account balances, 60 percent pay bills and transfer funds, and more than one-third are using financial management tools.
What is your financial institution doing to keep consumers engaged online? Leave us a comment below.