How do consumers prefer to communicate with their banks? Despite the rapid growth of digital banking tools, traditional channels still play a significant role in how people manage their finances. In this episode of Truth In Data, we examine the top banking communication methods used by consumers and explore how mobile banking, online banking, branches, and ATMs continue to shape customer interactions. The findings highlight the ongoing challenge financial institutions face as they balance digital innovation with the personal service many customers still value.
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Data for today’s episode is provided by Mercator Advisory Group’s Report – Digital Banking: Improvements Needed to Compete with Fintech
What are the top 5 banking communication methods for consumers?
- Went into a branch and spoke with a teller at 71%
- Thought an ATM at 61%
- Accessed a mobile banking app using a smartphone at 46%
- Accessing a FI’s website using a mobile device at 41%
- When into branch and spoke with customer service rep at 41%
About The Report
The report, Digital Banking: Improvements Needed to Compete with Fintech, reveals that security issues are U.S. consumers’ primary reason for not making mobile banking transactions. Nevertheless, more consumers perform more banking activities online and by mobile, especially by smartphone, engaging more often with their financial institution, expanding and deepening the banking relationship and thereby becoming more loyal customers.
The report highlights trends in use of online banking via computer and mobile platforms, communication methods with financial institutions, use of personal financial management (PFM) tools, alerts, online bill-payment methods and electronic billing, person-to-person (P2P) money transfers, and the demographics of recent account openers. The study evaluates the account opening process online, use of mobile banking app compared to online banking by computer and mobile devices, U.S. consumers’ preferences of platform for making bank transactions, and their use and interest in voice-activated conversational interfaces.
