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Consumers Prefer Online Banking to Traditional Branch Banking; Rosetta Retail Banking Survey Reveals Consumer Trends and Insights

Princeton, NJ (PRWEB) May 21, 2012

More than half of consumers prefer to do their banking online, and nearly half would do all of their banking online if they could. This was a key finding of the national consumer survey on retail banking trends conducted by Rosetta, an independent brand in the Publicis Groupe of global agencies and one of the nations largest digital and direct interactive agencies.

52% of respondents said their banks website is their primary method of banking, while only 32% said that the branch was their primary method of banking. 48% of respondents said they would do all banking online if they could.

Banks are missing an opportunity to better engage with consumers online and create a consistent brand experience across all channels, said Rosetta Managing Partner Ned Elton. Retail bank marketers need to identify ways to apply the same level of personal touch and feel currently offered to retail branch customers through the online channel.

The Rosetta survey found that consumers use online banking most frequently to:

  •     check account balances and recent activity
  •     make an individual bill payment to another account
  •     transfer money between accounts
  •     obtain financial information

Cash transactions, such as deposits and withdrawals, continue to keep consumers tethered to the branch, but this is becoming less of a factor because people are using credit more often instead of cash and because of the emergence of alternative payment options such as pay pal and near field communications, said Elton. He also noted that mobile banking capabilities may further reduce the need for consumers to visit a retail branch.

The survey also found that the digital banking experience lags traditional retail banking in security, usability and rewards. 64% of respondents cited a need for stronger online security and privacy features; 57% of respondents cited a need for "clear and easy-to-follow" online layouts; and 58% of respondents expressed interest in rewards/points programs for online banking.

It is our belief that many Financial Services companies have yet to fully capitalize on the potential of digital marketing to acquire new and engage existing customers, said Elton. As a result, their marketing continues to focus too much on traditional media channels and the bricks and mortar world. We call this the digital divide.

Rosetta conducted the survey to better understand the size of the digital divide by asking consumers about their banking channel usage and preferences for how they use them. With more than 1,100 respondents across a variety of age groups and socioeconomic levels, the survey is significant for its size and scope. The survey was conducted in two waves in May and July of 2011.

For a full copy of the study, please contact Ned Elton at ned.elton(at)rosetta(dot)com.

About Rosetta
Rosetta is a consulting-centered interactive agency engineered to transform marketing for the connected world. Rosetta drives material business impact by translating deep consumer insights into personally relevant brand experiences across touch points and over time. Their differentiated capabilities and structure have enabled them to become one of the market leaders, operating as an independent brand in the Publicis Groupe of global agencies. Rosetta is ranked by Ad Age among the top U.S. digital agencies and was recently named the #1 Agency to Watch in Ad Ages Agency A-List.

Rosetta has deep industry expertise in Healthcare, Consumer Products & Retail, Financial Services, Consumer Technology, B2B and Travel & Hospitality. The combination of a patented approach to market segmentation; technological depth across platforms and devices; world class creative, design and user experience capability; scale and integrated structure; and deep vertical industry expertise have attracted many of the nations leading brands to Rosetta. The agencys clients include Allergan, Blue Cross Blue Shield, Bristol Myers Squibb, Johnson & Johnson and Novartis in Healthcare; Coach, Express, Jos. A. Bank, OfficeMax and Valvoline in the Retail and Consumer Products sector; Citizens and Nationwide in Financial Services; Marriott in Travel and Leisure; Microsoft, Rogers Communications and T-Mobile in Communications, Media and Technology; and MSC Direct, Wirtz Beverage Group and Lincoln Electric in B2B.

Rosetta is headquartered in Princeton, NJ, with additional offices in New York, Cleveland, Boston, Chicago and Toronto. Rosetta recently acquired LEVEL Studios, a leader in combining content, platforms and devices to create engaging total user experiences. The addition of LEVEL Studios, a Rosetta Company, adds west coast presence to Rosettas footprint with offices in Los Angeles, San Luis Obispo and San Jose.

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