Changing Channels

When the first brick and mortar bank was created, bankers had just one customer touch point – the branch.  Then came direct mail, the phone, ATM, online, and mobile channels.  The new channels have created a scattering effect that is rippling across the industry:  “In 2012, consumers in the US who opened financial products reported that they opened 37% of those products online, 2% by mobile, and 40% in a branch. Online sales have increased seven percentage points since 2010.” [1]  General adoption rates for mobile were above 40% in 2012 and is expected to increase to 50% by 2015.[2]