In study after study, results indicate that an increasing number of consumers are choosing a “D-I-Y” approach to accessing financial products and services. According to a recent report by Accenture, 52 percent of U.S. adults utilize smart phones and tablets to conduct their banking business whenever and wherever they choose.

And while the rise in the number of video ATMs and mobile apps that provide access to online banking services has had a substantial impact on declining branch transaction volume across the country, there are still many instances where consumers prefer one-on-one interaction and expert advice when transacting important financial business. For traditionally staffed financial institutions, this creates a challenge to find the most efficient way to adjust to new service preferences.

And this is no easy task. It can require time away from on-going operational responsibilities and sometimes forces management and staff to think outside of the conventional box to imagine a different way of doing business. But when compared with the cost of losing members to competitors that have taken the necessary steps to understand what consumers expect from their financial institution, taking a serious look at the effectiveness of your service model can be a very wise investment.

continue reading »