The Most Useless Research Stat: Consumer Channel Preferences
by Ron Shevlin
Quick two-question survey:
- Do you think that banks and credit unions should continue to increase their investment in the mobile channel? (Y/N)
- Do you think the “voice of the customer” is important for bank and credit unions to pay attention to? (Y/N)
If you said YES to both questions, you have a small problem (if you didn’t say YES to both questions, you have a big problem, and should leave this blog now and seek immediate help).
I can’t imagine that you would say NO to Q1. I can imagine, however, that you might hedge on Q2 and say there are times when the voice of the customer is more important than at other times.
Quit picking nits.
The problem is that there is very credible consumer research that — taken at face value — suggests that the mobile channel is not very important to financial services customers.
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Gallup recently surveyed consumers and asked about their channel preferences for 14 different types of banking interactions.
Before we take a look at the data, let me just say that the fact that Gallup asked about preferences for specific types of interactions makes their study head and shoulders better than most other studies, which don’t capture this level of detail.
Here’s what Gallup found:
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