August 17, 2006

The Banking Channel Popularity Contest

Consumer Preferences For Buying, Banking, And Service Interactions

This is the second document in the "Financial Consumer Gender Gap" series.

by Bruce D. Temkin

with Eric M. Dolan, Peter Hult

Executive Summary (This is a document excerpt)

We examined the channels that consumers prefer to use when they interact with banks, looking specifically at eight different banking activities. Some key findings: The branch and the Web are the most popular channels for buying, the Web is the most popular for banking, and the branch is most popular for service interactions. When we looked closer at the preferences by generation, we also found that consumers under the age of 50 prefer to research a product on the Web, consumers of all ages prefer to open a new account in the branch, and consumers older than 40 prefer to view their account statements in the mail. Our analysis also uncovered differences across genders, such as the fact that males prefer using the Internet more than females do, and females prefer using the phone more than males do.

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