Consumers Fill Their Plates with Self-Service #Banking Options

What consumers want from their FIs in terms of banking solutions is often as diverse as the consumers themselves. However, the majority of consumers would agree access to self-service options for certain banking activities is at the top of their priority lists. As FIs look to the future, they would do well to consider diversifying their self-service options.

Instant gratification is a must in today’s “need it now” society. Consumers continuously seek out new, different ways to get what they want when they want it. That mentality even influences consumers’ banking behaviors.

A recent survey from Mercator Advisory Group found consumer preference for self-service banking options is on the rise.  Of the 3,000 U.S. adults surveyed, 57 percent said they preferred to deposit higher-value checks through a teller rather than a mobile remote deposit. Although this preference still represents the majority of those surveyed, it has steadily declined since 2012 when 68 percent would opt to deposit $1,000 checks with a teller.

The survey further found consumer interest in mobile remote deposit is quickly gaining traction. In fact, it is the fastest growing check deposit method among consumers. Twenty-one percent of respondents would use mobile remote deposit for $1,000 checks, as would 19 percent for $50 checks.

For young adults, self-service banking is particularly valuable. This demographic is more likely to deposit $50 checks with remote deposit or through an ATM than with a teller. They also increasingly prefer utilizing self-service technologies to deposit higher-value checks.

Although consumers still find value in interactions with tellers at their financial institutions (FIs), self-service banking may be the way of the future. When implementing self-service options, there are a few key things FIs should keep in mind:

  • Be consumer-centric. FIs should identify what their consumers are looking for in do-it-yourself banking. Do they want to handle everything from loan applications to check deposits in a digital environment? Or are there some instances when they prefer in-branch banking?
  • Make it simple. The main appeal of self-service banking is its ease. If an FI’s self-service solutions are too complex, consumers will become frustrated. Solutions that are intuitive to use are best.
  • Consider adoption initiatives. Just because an FI offers self-service banking doesn’t mean consumers will take advantage of it. FIs should invest in consumer adoption initiatives to help propel interest in digital banking solutions.