In-store branches have increased their appeal among consumers, according to a recent study by Synergistics Research, a provider of multi-sponsor marketing research for the financial services industry.
The study, entitled "Consumer Branch Monitor 2006" was generated from a national telephone survey conducted in March. It queried 2,000 consumers age 18 or older across all income groups, the company said.
Although in-store branches in various forms have been around since the 1980s, many providers recently have been re-evaluating their strategies, particularly since Wal-Mart and Home Depot have been considering opening their own banking facilities, Synergistics noted.
In the Synergistics survey, respondents were asked if they would use branches in a variety of non-traditional locations. Approximately four in 10 indicated retail stores such as Wal-Mart, which is an increase from the one-third who reported they would use a branch in this type of location in 2005, the company said.
Survey results also revealed approximately one in six consumers have used a branch in a retail location such as Wal-Mart. Usage of these non-traditional branch locations tends to be more widespread among younger consumers (ages 18 to 49) and middle-income consumers ($35,000 to $49,900 in household income). For info: www.synergisticsresearch.com
