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New Survey: Branch Still Heavily Favored in 2012 for Opening New Accounts

March 27, 2012

According to a new study from consulting firm Novantas, that despite a year-over-year decline in transaction volumes, the branch remains to be heavily favored by consumers (71%) over alternative channels when opening a new account.  The study was also quick to point out that this survey metric is slowly declining (down 6% from the previous year) as consumers become more familiar with technology.

As the FMSI Teller Line Study points out, consumer trends are certainly impacting how we are all interacting with our branches.  The real delicate question to ask though is how quickly technology is changing how the population as a whole is interacting with their financial institution?  The data from the FMSI Teller Line study points out (a free download at fmsi.com/tellerlinestudy) that this change is and will be very gradual.  However, if a financial institution does nothing to address this change, such as changing how they schedule their branches, they will undoubtedly eventually be seriously affected by this shift.

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