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Bricks + Clicks: Building the Digital Branch in Banking

According to the Novantas Multi-Channel Preferences Study, 70% of checking consumers said they’d prefer to make deposits with a teller in the branch in 2006. As of 2012, the percentage had dropped to 54%, and as of 2014, the preference for making deposits at a teller stands at 35% … a 50% reduction in preference for live tellers in eight years. Similar decreases have been seen with branch withdrawals and transfers of funds.

“Investment in technology has accelerated the shift in the consumer mindset from branch dependence to perceived branch convenience. The knowledge that a branch exists provides a necessary level of comfort, but consumers prefer to transact with their bank or credit union from the comfort of their home, office or on the go,” says Chris Musto, Managing Director of Novantas. “In the coming years, virtual channels will be able to accommodate not only basic banking transactions, but also increasingly complicated service issues, and this will lead to a further drop in branch attachment.”

Read the full article on The Financial Brand…

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