Technologys impact on today's consumer

by Kevin Lynch 30. July 2010

In the most recent edition of the USBanker magazine, two articles caught my attention. The first, entitled "Say Goodbye to Checks", addresses the declining use of checks by consumers. With a new study coming out from the Federal Reserve later this year, the decline is expected to be much higher than the 4.1% percent decrease in 2007. Here are a couple of reasons why:

  • The number of bills paid on line by consumers increased by 1 billion a year from 2006 to 2009
  • With increased debit card usage, retailers are reporting a 15% decline in checks annually A second article, entitled "Banking 2020:Smartphones Rule", discusses the impact of technology innovation on the branch banking system.

With the introduction of alternatives like ATM's and online banking, and now the advent of the smartphone, consumers have more ways to bank then ever before.

Both of these articles highlight the impact technology's had on consumer behavior and the likelihood that it will continue. We've been tracking these trends as well and are constantly looking for innovative ways to service our customers. In the coming weeks, we'll be introducing some new services that we think will help you more effectively manage your financial life. The future is now. Stay tuned!

Comments (1) -

Bryan Clagett
Bryan Clagett
7/30/2010 7:37:51 PM #

Great articles and glad you posted your comments to them.

There is a fundamental behavioral shift occurring across a variety of demographics, driven largely by technology. I also think socioeconomic factors are at play. With this shift will likely come a new set of consumer expectations, They will look for FIs to not only be more convenient and accessible, they will look for new forms of proactive, relevant engagement.

Glad you and 1st Mariner "are on it", because there are a lot more FIs that still are unaware of the threat that lurks.

Bryan



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