Bank foot traffic is on the decline. In fact, from 1992 to 2012, branch transactions decreased by nearly 50%. The all-in-cost to acquire new accounts through online is 15% to 45% lower than the branch or call centers
According to a report from RBR the number of ATMs is set to grow from 2.6 Mn 2012 to 3.7 Mn ATMs by 2018 globally (Amidst all the mobile payments razzmatazz).
American Express reported that more than 50% of card acquisition comes through online channels. In 2013, Chase reported that 53% of credit card accounts were acquired online. 71% of Bank of America’s new U.S. consumers’ credit card accounts came from branch and online channels in 2013. Citibank reported an increase of 472% after implementing online instant account opening, and only needed to hire an additional 38% of new employees to handle the growth
The Unusual Suspects
According to a report, issuance of payment licenses to third-party payment firms by People’s ...
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