Banking channel shift is for real … except with checks

by: Wendy Blaeser

By now only the truly clueless have missed the polar shift that’s taking place in the banking industry, as your account holders are increasingly choosing digital channels for interacting with their financial institutions.

This was abundantly clear if you were at Deluxe Exchange last week and caught the session called “Digital Consumers’ Path to Purchase a Financial Product” which was presented by Alyson Clarke from Forrester Research. She talked about how consumers are now in control of the information, price, and location which is a seismic shift from where things were just ten years ago!

The migration is in full effect for many products, in fact the Path to Purchase research we did with Forrester Research shows that 50% of credit card research is done online and 82% of applications are submitted online. The story is similar for checking accounts, auto loans, and other products, though not as dramatically.

Yes, the times they are a-changin’. Except in one way: Ordering checks.

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