What We’re Reading: Customer Surveys, Cloud, Big Data

Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom.


  • What’s new is what’s happening

ABA Banking Journal

It’s big deal when your company is named in a list of the “world’s top 100” anything, and it’s a really big deal when your company is listed on Forbes’ “World’s 100 Most Innovative Companies.” So the people at FIS—or more specifically, Fidelity National Information Services—should rightly feel pretty good about their recent placement on this very list, at the 98th spot. It’s the only U.S. financial technology provider there, which includes such other companies as Apple, at a surprisingly distant No. 79, Pepsi, at No. 58, and Google, at No. 47.

Read more

  • Bank Fees Rankle Otherwise Satisfied Customers: Survey

American Banker 

Checking account fees may help banks pad revenue, but a new survey suggests that ATM and overdraft charges can send customers running. Over a third of Americans said they would be very or extremely likely to switch banks to avoid paying fees on their checking accounts, according to TD Bank’s inaugural survey of more than 3,000 consumers. In fact, 14% of respondents have already moved their business for those reasons. Some types of charges aggravate customers more than others; 38% of respondents said that nonbank ATM fees were the most frustrating type of charge. Another 27% awarded that dubious honor to overdraft charges. Just 13% picked minimum balance fees as the most annoying type of charge.

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  • Microsoft and Nokia: What Kind of Marriage Will It Be?

Celent Banking Blog

Microsoft announced that it has purchased Nokia’s mobile phone business. According to the announcement, “Under the terms of the agreement, Microsoft will pay EUR 3.79 billion to purchase substantially all of Nokia’s Devices & Services business, and EUR 1.65 billion to license Nokia’s patents, for a total transaction price of EUR 5.44 billion in cash.” Both companies have been struggling to adapt to changes in mobile computing – Nokia has lost its leadership in handsets, and Microsoft was rather late in announcing its latest Windows mobile operating system, which remains a distant third to Apple and Android.

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  • ‘Stache & Save’ Helps Kinecta Connect On Facebook

Credit Union Journal

Kinecta FCU here boosted its Facebook engagement by using mustaches and an online slot machine. Kinecta launched it “Stache & Save” campaign as a way to increase engagement on its Facebook page and grow its number of likes. To do so, it created an online slot machine, and when users pulled the digital handle, it rotated through three different mustaches. Three matches made for an instant winner of a $50 gift certificate and was entered into a drawing for a $2,500 gift certificate.

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  • Big Data and Payments Drive Loyalty in Business Banking.


In the ‘consumer edition’ of the blog it was suggested that banks can reinvigorate their payments brand and influence customer loyalty by integrating incentives and offers to their payments solutions. The premise is that banks are missing out on an opportunity to become more influential in where people shop and what they buy, rather than just how they pay. Offers can be driven by analytics into a combination of historical payments information and big data analysis of demographics, location positioning and peer group analysis. Such a strategy requires more than an offers solution, or a mobile banking app.

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  • The Path to Innovation Goes Through the Cloud

Huffington Post

As cloud adoption reaches the tipping point, some sectors are seeing newer market entrants threatening to overtake legacy players mired in tradition. Gartner predicts that the worldwide cloud services market will grow 18.5 percent in 2013 to total $131 billion, up from $111 billion in 2012. Yet, many of the world’s oldest professions such as accounting, legal and banking have been slow to tap the cloud to make it rain. The flexibility of cloud computing – being able to try before you buy, scale easily and use the device that suits you – allow savvy businesses to respond quickly to market trends and demands.

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  • 6 Tips for Safer Smartphone Banking


More than half of American adults have a smartphone today, and more of us are using them to check balances, pay bills, deposit checks and conduct other banking business. Luckily, experts say there are steps that even non-technophiles can easily take to safeguard sensitive information. Password-protect your phone. Stay off public wi-fi networks. Use the bank’s app. Don’t save your log-in data. Keep up with updates. Log off when you’re done.

Read more

Big Banks Make Big Gains in Customer Satisfaction

*Guest post by Karen Licker, Financial Services Social Media & Marketing (Independent) at J.D. Power and Associates

Overall customer satisfaction with retail banks improved significantly from 2012, largely a result of improvements made by big banks, (1) according to our J.D. Power and Associates 2013 U.S. Retail Banking Satisfaction StudySM  released today.

“Many of the big banks have made great strides in listening to what their customers are asking for: reducing the number of problems customers encounter and, more importantly, improving satisfaction with fees,” said our own Jim Miller, senior director of banking here at J.D. Power and Associates

Below are a few highlights from the study:

  • Fees have begun to stabilize and banks have helped their customers better understand their fee structures.  Satisfaction in this area has begun to rebound, and is up by 14 points this year from 2012.
  • One-third (33%) of customers say they “completely” understand their fee structure, compared with 26 percent in 2012.
  • Fees also have been a major source of customer problems and complaints. The stability in fees, coupled with banks placing more emphasis on preventing problems, has lowered the proportion of customers experiencing a problem by 3 percentage points year over year, to 18 percent in 2013.
  • While customers appreciate the personal service they receive at their branch, such transactions are slowly declining, while the numbers of online, ATM and mobile banking transactions are increasing.
  • As banks roll out envelope-free ATM deposits and deposits by mobile phone, customers are finding it easier to handle routine transactions without needing to visit their branch.

“Successful banks are not pushing customers out of the branch, but rather providing tools that make it easier to conduct their banking business when and where it is convenient for them,” said Miller. “Customers are quickly adopting mobile banking, making it a critical service channel for banks, not just a ‘nice to have’ option.”

For study results by region, view retail banking satisfaction rankings at JDPower.com

For more information on this 2013 U.S. Retail Banking Satisfaction Study, please contact Holly Zagresky at (248) 680-6319 or via email at Holly_Zagresky@jdpa.com

(1)Big banks are defined as the six largest financial institutions based on total deposits as reported by the FDIC, averaging $180 billion and above. Regional banks are defined as those with between $180 billion and $33 billion in deposits. Midsize banks are defined as those with between $33 billion and $2 billion in deposits.

Online Banking: Glory or Gloom?

TSB Bank just announced that less than a month from today, it will close its Frankleigh Park branch.

For readers who might be unfamiliar with those names, TSB is a locally owned full-service bank, and Frankleigh Park is a suburb of New Plymouth, in the western North Island of New Zealand. The most recent figures indicate a population of less than 4,000. The given reason for the branch’s closure is simple: It reflects the global shift to “self-service banking,” where people do more things online. In particular, consumers are using mobile devices in increasing numbers to conduct financial transactions.

Going to the other extreme, consider ICICI Bank, the second-largest private sector financial institution in the world’s second-most populous nation, India. “More than one third of our transactions take place through Internet, making it the second most used medium,” Chief Executive and Managing Director Chanda Kochhar, just announced. “With the increase in Internet usage, it may also grow to occupy the No. 1 position.”

She further noted that mobile phones and tablets are growing at over 100% every year, compared to only 20% in desktops, and that has prompted the company to launch an array of new services, including electronic ‘branches’ that conduct operations around the clock, ‘tablet-based’ banking offerings that ease account opening, and enhanced POS terminals that facilitate every transaction. In the spirit of ‘democratization’—helping consumers without personal access to technology still enjoy its benefits—the company already has 25 electronic branches in 18 locations around the country.

If those seem like extreme examples, take a look at KB Kookmin Bank of South Korea. It launched KB Star Bank, a service optimized for smartphones, in April 2010, and the results seem to have surpassed all expectations. The service had I million subscribers in barely a year, passed 3 million the next year, and was up to 4 million by June of this year.

So where is the United States in all this? The most recent survey by the American Bankers Association reported in September of 2011 that 62% of all bank customers preferred online banking, a rise from 36% the previous year. The real news back then was that, for the first time, a clear majority, 55%, of bank customers over the age of 55 professed a preference for online banking over any other method. That represented a very sharp spike over 2010, when only 20% had the same opinion.

Let’s acknowledge that pretty much any Internet report or survey is nothing more than a snapshot. Online adoption or activity is a fast-moving target, and today’s hot trend is tomorrow’s dinosaur. Obviously, online banking in general and mobile banking in particular are not some niche trends—they represent a massive change in customer behavior, and they’ve evolved faster than most trends that came before. But what does that actually mean?

The most fascinating perspective we can draw from all this is not what’s happening now, but what will happen next year, and the year after that. In that vein, here are some questions that need answers.

First, earlier this year, some banks announced that they were actually constructing new retail outlets. Looking ahead, how many bank branches will we see being closed down over the next few years? Could we see trends following certain patterns—for example, conglomerates shutting down local branches while community banks take their place?

Next, it’s apparent that online banking doesn’t respect demographic or regional boundaries—the trend is being adopted everywhere from Iowa to India, and by Gen-Xers and senior citizens. In developing countries, Internet cafes are being replaced by boutique electronic banks that enable non-tech-savvy people to do everything they would with a PC or a smartphone. The easier the access, the thinking goes, the more the business. If that’s the case, will innovation-minded banks draw business away from institutions that have spent decades building trust?

And finally: If two years from now your bank hasn’t closed any branches and has the same mix of face-to-face and online banking it currently has, is it doing things right? Or is it facing eventual disaster?

Mobile Transactions: Playing with Numbers

Could it be that the only numbers growing faster than mobile transactions are statistics about mobile transactions?

According to a new one just out from ABI Research, mobile shopping will make up nearly a quarter of all global online shopping revenue by the end of 2017. That’s great news for companies invested in this arena, since it clearly represents a sharp spike over the current market, which other estimates place at 10%. However, the same source indicated back in February 2010 that mobile shopping would reach $119 billion in 2015, representing about 8% of the overall e-commerce market.

That’s obviously comparing apples to oranges, but the larger problem is that it’s virtually impossible to accurately predict what’s going to happen with regard to technology use. Technological capabilities are always advancing, and user habits are constantly evolving, but the two phenomena frequently seem unrelated. The emergence of new capabilities does drive usage, of course, just as human needs drive the development of those capabilities, but they seldom happen in tandem. The flood of statistics that keep changing illustrates this problem.

In particular, the intersection of money, technological capabilities and behavioral change make for a strange brew. This is the very essence of a moving target.

Consider mobile payments. Portio Research told us back in March 2010 that 81.3 million people worldwide had used mobile device to make payments the previous year. By the end of 2014, this was predicted to rise to nearly 490 million, or 8% of all mobile subscribers. In June 2011, Yankee Group was putting dollar signs into the mix, reporting that global mobile transactions would reach $241 billion in 2011, and jump to more than $1 trillion by 2015. Fast forward another year, and Gartner was reporting that the number for worldwide mobile payment transaction values in 2011 had been $105.9 billion, and will surpass $171.5 billion in 2012. Bringing it back to users, meanwhile, Gartner said there had been 160.5 million in 2011, and is set to jump to 212.2 million this year.

One more demonstration of how the numbers stack up, even if they don’t add up: Yankee Group identified EMEA as the mobile money hot spot, accounting for 41% of mobile transaction value in 2011, compared to 35% for North America, 22% percent in Asia-Pacific and just 1% percent in Latin America. Others saw it differently: According to IDTechEx (R&M), Feb 2011, Japan had 47 million users adopting tap-and-go phones in just three years, and at the very same time, ComScore was revealing that that in December 2010 alone, 10% of Japanese mobile subscribers had used their mobile wallet to make a purchase—a undeniably a high number.

And how about mobile banking? Try this: In the spring of 2010, Global Industry Analysts (GIA) predicted that the global customer base for mobile banking will reach 1.1 billion by the year 2015, while Berg Insight put the corresponding number at 894 million users. In the summer of 2011, Yankee Group brought the figure down further, to 500 million.

Enough already? For sure. In fact—and again, let’s acknowledge that all this involves mixing apples and oranges and a whole lot besides—it may be time for a moratorium on analyses and predictions. Instead, let’s focus more on what we can do to drive the market rather than track where it’s going.

Smartphones, tablets and other mobile devices still coming down the pike are not just smaller PCs—they represent, and drive, a sea change in behavior. It’s our responsibility to offer applications and services that are flexible, convenient, customized and secure. And the only numbers that count are the ones where we beat even the most optimistic projections.

This article originally appeared as a guest post on MyBankTracker.com.

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Market Outlook: Good Times Ahead, But. . .

Another day, another ray of hope in an otherwise dour environment: A new report based on a poll of 137 banking executives from over 100 financial institutions reveals an optimistic outlook for the SMB market. How strong? Try this: 95 percent of bankers describe the untapped potential of this market as equal to or greater than any other current opportunity, while more than half, 57 percent, say it’s huge.

That’s the word from the North American Insights conference held by Fundtech, a provider of financial technology solutions to banks and other corporations. And the good news doesn’t end there: 60 percent say demand for new services from this market sector is higher than usual, while nearly 20 percent call it “unprecedented.” Of course, mobile is a big issue: 38 percent report that building the mobile banking channel is a top priority. Perhaps strangely, almost as many, 34 percent, also note that cutting costs in this area is a top priority. And to top it off, a strong 67 percent of the respondents believe that social networking will play a major role in their growth, but add—and this is critical—they don’t quite know how.

That isn’t the only dark note in an otherwise bright scenario. While no one denies the viability of competition, almost 60 percent of the respondents, banking professionals all, say they see signs of inroads into their business coming from non-banking companies. That would be a tip of the hat to organizations associated with the technology sector—think Facebook, eBay and PayPal. This is by no means an isolated concern. In fact, numerous other analyses have stressed that many successful entries into this market will be made not only by innovative startups but also by companies that have achieved success in the technology arena and apply those techniques to the banking sector.

That’s just one reason why another subject covered in the report is so intriguing: regulation. Bankers confirm that they’re already not clear exactly how to comply with new mandates such as the Dodd-Frank Act—to be fair, almost half say they “mostly” understand—and yet they expect more such mandates to come down the pike.

What’s completely unrelated yet very relevant in this regard are the statements made this week by former Citigroup head Sanford Weill. He startled everyone by essentially calling for the resurrection of the Glass-Steagall Act, the Depression-era legislation that separated commercial banking from investment banking, and was abandoned more than a decade ago. This is one reason why banks got to be ‘too big to fail,’ and as has been widely reported, Mr. Weill himself was a prime mover behind the change. Now he seems to have changed his mind.

Taken together, these are some strange winds blowing for the financial services industry. There are good times for banks working with the SMB sector, but one potential concern is that non-banking institutions might steal some of that thunder. Meanwhile, one of the people most responsible for shredding the legislation that separated commercial and investment banking would like to see it return, a major reason for their existing strength, recommends reducing that power.

This should be very interesting to watch. Stay tuned.

Behavioral Change: Is There An App for That?

To some of us, it might seem that people who don’t know about mobile banking must be living in a cave somewhere. But here’s the reality: Only 10 percent of mobile banking users were prompted to use their bank’s mobile channel by their actual bank.

This is not some revelation from years ago, when mobile features and capabilities were still mostly a novelty, and understandably accompanied by some trepidation. It’s actually a key finding from a survey of 1,527 mobile banking users, encompassing more than 240 banks and credit unions. It was commissioned by ath Power Consulting, a provider of customer experience solutions for the financial services industry.

That’s not the only bad news in the report. It turns out that only one in five users were offered any option to customize their user interface, and fully 40 percent failed to find links for technical support.

It’s relatively easy for those of us essentially embedded in these disciplines and practices to look down on these findings—after all, companies have spent millions developing these technologies, and millions more promoting them. Besides, many of those consumers are surely using their mobile devices for many other functions that would have seemed futuristic just a couple of years ago. So what’s the problem?

Just this past week, acerbic comedian Bill Maher got big laughs on his HBO show by expressing bewilderment at the construction of new retail banks. He noted that he hasn’t walked into a bank for many years, since there’s so much available at the click of a button.

But we should get real too. When it comes to banking, just saying “There’s an app for that” isn’t enough.

It’s impossible to bottle the science behind behavioral change. If we could, everybody would launch something like Facebook out of a dorm room, or create viral videos on a regular basis. What we do know is that some behavioral shifts (such as social networking) occur at an incredible pace, while others (such as specific aspects of e-commerce) are adopted in fits and starts. For the most part, we don’t know why, except that the availability of a new technological capability alone doesn’t guarantee a change in habit.

Money complicates the issue even more. The relationship we have with our banks is fundamentally different than with our favorite retailer or clothing brand; it requires a level of trust, comfort and familiarity that extends far beyond other B2C interactions. It takes a leap of faith to go from using the cell phone to Tweet something personal (which we know others can see) to conducting a sensitive financial transaction.

For the record, the ath Power study does show some promise. While security will always be a prime concern, the mobile channel can play a major role in fraud prevention as mobile adoption improves and consumers become more familiar with alerts. On another front, mobile customers are more loyal: about one in eight say they’ll change banks within two years, compared with one in five in the general customer base. Finally, despite the relative lack of awareness of this category, the quality of a mobile offering is a major factor in choice of bank among the mass affluent and small business owner segments.

That’s all for the good, but this is a behavioral change that needs broader consumer adoption. And for that to happen, maybe the word needs to get out a lot more than it has so far.

What Will 2012 Bring for the Banking Industry?

As we wrap up 2011 and head into the New Year, we asked some of our readers to share their thoughts on the banking industry in 2012. This past year has been filled with mobile and tablet innovation, but will that carry on in 2012? How will social media impact financial institutions in the next year? Here’s what the experts are saying:

  • “Of those banks that are currently using social media as a channel to communicate with their customers, much of the focus has been on appealing to Gen X and Gen Y customers,” says Karen Licker, Financial Consultant & Social Banker (Independent) for J.D. Power and Associates. “Clearly Gen X and Gen Y customers comprise the majority of those subscribing to and using social media, but the number of Pre-Boomers and Boomers who do so as well is growing at a considerable rate.  In addition, Based on J.D. Power’s 2011 Retail Satisfaction Survey, nearly one in five Gen X and Gen Y customers state that they are likely to utilize social media for banking-related topics in the future, and more than one in 10 Pre-Boomer and Boomer customers are likely to do the same.  Banks should be prepared to interact with and satisfy the growing Pre-Boomer and Boomer customers too!” *see Chart 1 below
  • “2012 will finally see the tipping point for mobile banking. Mobile moves beyond today’s limited functionality and starts to become the primary remote customer channel. Look for some interesting corporate bedfellows to emerge as the financial services ecosystem starts validating mobile payment business models and the importance of controlling new methods of money transfers and payments. We will see continued disruption in the space, as it relates to payments, security protocols, features like proximity rewards, integrated p2p and a2a with social tether, account opening, and more. Expect feature rich device agnostic applications that enhance usability and user experience across a range of mobile and tablet devices.” Bradley G. Leimer, Vice President, Online and Mobile Strategy at Mechanics Bank (@leimer)
  • “2012 will be the year of improved customer lifecycle management. With the fees and interest margins associated with accounts falling, there is a need to acquire a new customer more efficiently, onboard each new customer more effectively, achieve a higher level of relationship engagement and gain a greater share of wallet. Financial organizations will also need to focus more resources on retaining current clients since replacing these households has become so expensive.”  Jim Marous, Senior Director, Marketing Services, Harland Clarke (@JimMarous)
  • “In the credit card space, service alerts have steadily grown in importance over the last few years,” says Michael Beird, Director of Banking Services for J.D. Power and Associates. “Based on J.D. Power’s 2011 Credit Card Satisfaction Study, cardholder satisfaction increases by 98 index points (on a 1,000-point scale) when service alerts are offered and used. Email (80%) is the most common form of service alert, and is followed by phone calls (23%); text messages (15%); and secure online messages (8%). Interestingly, secure online messaging is the lowest-used service alert feature, but it results in the highest satisfaction (783). While issuers still have to do a better job of informing their customers about the availability of the service, it’s clear that customers are seeking ongoing and proactive communication from their banks. Informing customers of status issues and concerns in real time, via text, email or secure online, is an emerging service that will likely grow exponentially in the year ahead.” *see Chart 2 below

What do you think 2012 will bring for the banking and financial services industries? Leave us a comment below or Tweet @bankingdotcom.

*Chart 1














© 2011 J.D. Power and Associates Retail Banking Satisfaction Study, The McGraw-Hill Companies, Inc. All Rights Reserved.

*Chart 2










© 2011 J.D. Power and Associates Credit Card Satisfaction Study, The McGraw-Hill Companies, Inc. All Rights Reserved.

Banking Industry Leaders Discuss Findings of Intuit Financial Management Survey

*This blog was originally posted on Bank Marketing Strategy by Jim Marous. Jim is a marketing services leader focused on building strategic solutions for the financial services industry. You can follow him on Twitter @JimMarous or connect on LinkedIn.

In conjunction with the release of Intuit Financial Services’ 4th Annual Financial Management Survey, Banking.com hosted a Twitter Town Hall yesterday, bringing together financial industry leaders to discuss loyalty and channel migration as well as some of the challenges and opportunities facing the banking industry. The following is a recap of the very robust one hour dialogue. (The complete transcript can be found using #IFSsurvey on Twitter)

The Town Hall discussion began around the issue of customer loyalty and the finding that many consumers thought their financial provider was not ‘in touch’ with their needs. Given the events of the past week, where many large banks reversed decisions around the implementation of fees due to highly vocal negative sentiment amplified by social media and credit union trade group support, most participants believed that banks are not leveraging current insight and technology to make better decisions and provide value added service.

Tobin Lee (@Tobin_Lee), Intuit Financial Services spokesperson stated, “It is time for a banker mindset shift; cultivating deeper relationships, more meaningful engagement and stronger advocacy for growth”. Campbell Edlund from EMI (@EMI_mktg4sales) added, “These findings provide a very strong argument for a communications plan around the customer lifecycle”.

The already robust dialogue really took off as the discussion moved to the acceptance and utilization of banking channels (especially mobile and tablet banking). Bradley Leimer (@leimer) from Mechanics Bank in the San Francisco Bay area believed mobile strategy will be the key to future engagement due to the portability and ‘always on’ nature of the device. He also believed that the correlation between mobile banking and smartphone use (41% of respondents owned a smartphone) could indicate a lower engagement with financial technology in general for non-smartphone users.

Edlund added that while there is currently a higher penetration of smartphones than tablets, tablets can not be ignored by banks since Oracle found that tablet ownership is expected to increase significantly in the next year. She also warned that we need to be cautious not to get ahead of the acceptance curve. . . “we always underestimate inertia”. Brett King (@brettking), author of Bank 2.0 and founder of Movenbank went a step further stating that within 3 years all bank websites will need to be built for tablets first. He also believed that branches will continue to diminish in presence and utility (according to the study, 27% of respondents still visit their branch once a month in addition to ATM visits).

Mark Zmarzly (@BankMarketing) did not believe bricks and mortar would completely go away, but definitely felt the relevance of branches will change. “It’s easy to say branches will go away, but is that realistic? They have to evolve, but customers will never let them become 100% irrelevant.” King responded that with the drop in branch transactions, the economics of the branch are not working. I (@jimmarous) illustrated the model of Boeing Employees Credit Union in Seattle, where only 2 of the 40 branch network have tellers, while the installation of multiple ATMs at offices and around the city have an average of 10,000+ transactions each. 94% of the transactions at BECU are done electronically, according to Howie Wu (@howie_wu) from the credit union.

“Relevance is the key to banking for tomorrow,” stated King. “By 2015, mobile will be the #1 day-to-day channel, OLB #2 with the branch network being #5. The challenge for mobile and online will be developing great customer journeys”. King doesn’t believe these journeys exist today and believes the goal should be to have banking so pervasive that it is not tied to a branch, device or website, but is everywhere customers are.

Edlund pointed to the retail industry as a forerunner for what we will see in financial services. “Social and tablets will change the landscape in banking as they have in retailing”, Edlund stated. (During the Twitter Town Hall, there was even a discussion of the integration of TV as a channel for banking). Representatives from EMI in Boston (EMI_mktg4banks) emphasized that we will continue to see a blurring of all channels with social media providing some of the glue for enhanced communication. Gamification and location-based rewards were also seen as a key elements of engagement by Leimer and Edlund.

A conundrum was discussed with regard to the needs of small businesses where checks still prevail and the need for branches. King believed that we will see significant attention paid to mobile payments for businesses in the next couple years, while I added that tablet apps for business are also being developed to respond to the needs of the business community. NFC was also seen as a game changer with regard to the need for branches for small businesses. Bob Williams (@bob_williams) from Harland Clarke believed that, while check usage is definitely dropping, there are much greater efficiencies today than in the past with RDC and other electronic tools.

It was clear from the Intuit research that was just released, the Bank 2020 research released in April, and the discussion during the Twitter Town Hall today that there is significant disruption in the banking industry with regards to channel support and device utilization. The consumer movement to new banking channels is mirroring the movement to more sophisticated devices such as smartphones and tablets. Many consumers are NOT choosing one device or channel over another, but are using multiple devices depending on their personal needs.

Consumer desire for an integrated banking experience without friction will need to be supported by banking organizations in the future. Distribution networks (whether tangible or intangible) will need to support an expanding array of capabilities that may include integration within retail or social sites as opposed to standing alone.

As I stated to the participants of the Twitter Town Hall at the end of today’s discussion, “If banks are not prepared for the channel migration that is already underway, they may experience the impact of ‘Bank Transfer Decade’”.

Note: A summary of the findings of Intuit Financial Services’ 4th Annual Financial Management Survey and recently released related research is available in my previous Bank Marketing Strategy blog post.

If you weren’t able to join us, what are your thoughts around the impact of channel shift away from the branches and towards other media? Will we see the elimination of branches completely? Will another device or technology unseat smartphones and tablets?

Leave us a comment below, or Tweet at the author @JimMarous.

Intuit Financial Services 4th Annual Survey: Key Findings

Thanks to all our Twitter followers who participated in today’s Twitter Town Hall surrounding the Intuit Financial Services’ 4th Annual Financial Management Survey. We will be sharing a re-cap of the Twitter Town Hall later this week, so stay tuned.

If you are interested in reading a copy of the key findings from the survey, it is available for download here: Intuit Financial Services Survey 2011_Background Information. Please DM @bankingdotcom or @FinanceWorks with any questions regarding the content.