MADISON, Wis. — While advancement of mobile and other e-services are adding to consumer convenience, these technological delivery channels are not pulling members away from branches, according to a new study from the Filene Research Institute and the Pennsylvania Credit Union Association.
"We were surprised by what the data are saying here," said Ben Rogers, research director at Filene. "Modern financial channel delivery is a lot like an all-you-can-eat buffet. When you introduce another channel, consumers add it to their plate without eating less elsewhere. Credit unions need to recognize this and work toward steering members toward the channels that make most sense."
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The report notes that mobile activity grew more than 90% in 2012, and may account for the majority of balance inquiries within three years and eventually the majority of balance transfers and check deposits.
As critical as digital is, however, branches remain important for establishing member relationships and handling high-value transactions. The study found that since 2009, the average monthly branch volume per member has grown nearly 12% and that branches still process the most items and inquiries per member.
