The 2006 Market Pulse Survey, released by IBT Enterprises and MCA Works, reveals that when it comes to financial services the "human touch" still matters to a great number of consumers. Despite decades of predictions that technology-driven channels like ATMs and online banking would replace traditional banks, 50 percent prefer to bank face-to-face in a branch or drive through. Thirty percent of those surveyed prefer to bank online, 18 percent opt for ATMs and 2 percent say mail or telephone.
76 percent of Americans "love" or "don't mind" going inside the branch to conduct business. Face-to-face interaction is preferred for more complex transactions:
ATM, online and telephone banking was most popular for:
Mylle Mangum, CEO of IBT, said "By offering a robust and integrated channel of banking methods, financial institutions are in a better position to solidify their relationships with consumers. Moreover, the delivery channels should match the consumer's life stage/life cycle needs. For instance, drive-through windows are extremely important to families with children."
When asked about promotions to switch to another financial institution:
41 percent of U.S. adults said that "no amount of money or promotion could ever get me to switch."
Some other findings on the uses of financial institutions include:
When asked about unexpectedly coming into a large sum of money ($250,000), 25 percent of U.S. adults said the first person they would call would be an accountant, 19 percent said a family member, 12 percent a banker, 10 percent stock broker, six percent friend and 1 percent a real estate broker. Interestingly, 27 percent of those surveyed said they would not call any of these individuals for financial advice.
The 2006 IBT/MCA Market Pulse Survey is based on an online survey among a nationwide sample of U.S. adults that have an account at a financial institution such as retail banks, credit unions, savings and loan and financial securities firms.
To download the survey, please use this link.
For the complete release, go here.