Touch Point Behavior by Demographic
Branches will no doubt have to recreate themselves to become an epicenter of intelligent cross-selling, but consider this. Over 75% of mobile banking consumers are Generation Y and Generation X, who are likely the prime consumers to be sold profitable banking products. If these consumers are migrating towards self-service channels, such as mobile remote deposit, there is a concern that the majority of in-branch consumers will be consumers who don't necessarily have a need for a mortgage or auto-loan. Financial Institutions shouldn't consider touch points as competitors, but rather create a holistic view of reaching their consumers anywhere anytime. I was recently reading an article written in 2006 which stated "As soon as someone provides us with a simple remote check deposit-capture service, we'll rarely set foot in a branch again." Although branch openings have diminished over the years, 8 years after that article was written, the brick and mortar footprint remains strong.