The Branch Experience Vs The Mobile Experience
If you do most of your financial business online, you’re in good company! According to financial research company Javelin, there are now more people who bank on a smartphone or computer on a weekly basis than who step foot in a branch. Welcome to the era of mobile access.
It’s safe to say that the driving force of this trend starts with Millennials. However, five years ago a Gallup study of more than 1,000 adults indicated that Baby Boomers made up 71 percent of online banking on a weekly basis. Imagine what that number is today.
We can check our balances, transfer funds, pay bills, apply for loans … all without stepping into a branch. If we have a concern, we can communicate securely with an employee … without stepping into a branch. We can deposit checks … without stepping into a branch. We can send money to family or friends … without stepping into a branch.
So the question is, do we pay attention to the fact that our members are moving to online channels versus coming into branches, or should we stay business as usual? The answer is to recognize the changing needs of our members and make sound decisions based on those needs. According to Javelin, 25 million Americans starting banking remotely for the first time last year.
That’s not to say that there isn’t a need for a brick and mortar branch … just not as many nowadays. Instead, financial institutions like Marine FCU are concentrating on bringing more mobile access channels to keep up with the demand. One of those access channels is our Interactive Teller Machine – Live Teller. As this grows in popularity with our members, they will be strategically replacing the traditional branches.
So keep your eyes open as we continue to introduce new remote access products and trim up our branch locations. We are continually changing to better serve you.