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.