Is Banking at the Branch ‘Still a Thing?’
It is, and it’s putting a new focus on consistent user journeys.
A new study by Phoenix Synergistics revealed that mobile banking is now the primary channel for everyday banking – checking your balance, making transfers, paying bills, and so on. With a device in everyone’s hand, it’s likely no surprise that convenience and accessibility prevail for simple transactions.
But did you know – despite the shift in consumer behavior and adoption of self-service banking, U.S. adults prefer to deposit larger-value checks at the teller. More than 40% of survey respondents in a Mercator Advisory Group report shared their preference to deposit a $1,000 check in the branch, versus only 26% who prefer to use mobile banking. For a $50 check, the divide was smaller – though still, the in-branch transaction was preferred.
There’s no question that accessibility and ease-of-use of digital banking solutions are critical to a bank’s or credit union’s continued success. Closely linked to institutional loyalty, the digital banking channel is a primary driver for attracting and retaining account holders. Yet with the branch still playing a key role in specific transactions, the need for simple, intuitive user journeys must be considered.
An important question to ask yourself is whether your current deposit solutions meet these needs. When originally deployed, they were likely adopted by channel, which today naturally limits the exchange of data between lines of business, acting as a roadblock in delivering a consistent user experience across every point of presentment.
As technology evolved, so have account holder expectations, proving an omni-channel banking experience a necessity for banks and credit unions to meet market demands. Now more than ever, account holders expect smart self-service tools that mimic the service and responsiveness they receive at the teller station.
Is that achievable using your existing payment solutions? In many cases, existing banking platforms are the largest barrier between financial institutions and their current, or future, UX goals. While installed solutions have proven reliable and successful over time, they may now prohibit banks and credit unions from keeping up with market demands or remaining competitive.
Alogent’s team of payment experts understands this situation well. In fact, they saw “real world examples” directly linked to the natural limitations of aging platforms, including lack of scalability, decreased engagement, and increasing costs. As a result, Unify, our patent-pending open banking platform, was launched.
Unify is the only solution of its kind that universally addresses all image acquisition channels with a single external API and common set of code – for all in-branch and remote banking points of capture. Its cloud-based open banking platform enables banks and credit unions to adopt a consolidated approach across the complete institution. Data transparency and interoperability are realized for reporting and faster business decisions, and by leveraging the same set of images and data validations in real-time, users gain access to a consistent, streamlined user journey regardless of whether they want to deposit that $1,000 check in the branch or from a self-service kiosk.
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