April 4, 2014
How are banks attracting new customers? By keeping them away. Banks are finding new growth opportunities through online and mobile channels, proving once more that consumers are increasingly attracted to the convenience and speed of mobile and online solutions. Understanding consumer trends will help banks understand how to position themselves as we move into an increasingly mobile reality.
Bank foot traffic is on the decline. In fact, from 1992 to 2012, branch transactions decreased by nearly 50%. Will local branches be deserted by the end of the year? No. But the forces driving individuals away from in-person banking are only getting stronger. Let’s look at some specific ways this is happening.