Financial Insights Confirms Retail Bank Delivery Channel Strategies Through New U.S. Consumer Survey
FRAMINGHAM, MA – JULY 25, 2006 – Leading independent research and advisory firm, Financial Insights, an IDC company, today announced the release of a new report examining the results of a 2006 survey of U.S. consumers detailing the way in which they interact with their banks. More than 1,000 adult consumers answered questions regarding branch and online utilization which provided valuable findings for financial institutions. In the report, entitled "Results from the 2006 U.S. Consumer Channel Preference Survey: $6.5 Billion Reasons for "Anytime, Anywhere Banking", Karen Massey, senior research analyst and author, points out that for financial institutions, knowledge of how often and why consumers choose a certain touch point is invaluable in defining channel strategies and allocating IT resources.
The findings show a comparison of 2001 and 2006 survey data which demonstrate minimal changes in branch and ATM use. On the other hand, as expected, the call center and Internet channels enjoyed significant growth. The attached figure illustrates how channel utilization has evolved over the past five years.
Massey goes on to say, "Understanding the dynamics of channel utilization is critical for financial institutions and important as well for the vendors that serve the industry. Simply put, consumers want their banks to offer convenient, secure access, and they want their bank to know who they are. U. S. financial institutions plan to spend $6.5 billion on retail delivery channel technology in 2006, and banks that understand how consumers behave can maximize their investments and compete more effectively. Consumers expect that their institution has a 360-degree view of the financial relationship and real-time transactional history. The future of an integrated customer view and cross-channel strategy is core technology to support individually priced products and bundled services. The ability to present customized offerings to consumers will bring retail channel delivery into the next decade."
The full report is available to qualified members of the media. For your copy contact Deborah Stark, 508-935-4318, or email@example.com. Or for more information on purchasing this report Results from the 2006 U.S. Consumer Channel Preference Survey: $6.5 Billion Reasons for "Anytime, Anywhere Banking" (FIN202166), please contact: firstname.lastname@example.org.
About Financial Insights, an IDC company
Financial Insights provides independent research, custom consulting, and detailed multiclient studies on the technology issues and challenges facing the financial services industry. Our global research covers topics of strategic importance to corporate and retail banks, insurance carriers, asset management firms, securities and brokerage firms. Our local practices in Asia Pacific, Europe, Latin America and Canada add an in-depth regional viewpoint. Financial Insights, an IDC company, is headquartered in Framingham, Massachusetts, USA. IDC is a subsidiary of IDG, the world's leading IT media, research, and exposition company.
For more information visit: http://www.financial-insights.com .