What's happening to Banks:
- 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 ...