Finextra: Self-service banking set to soar in US - TowerGroup

Finextra: Self-service banking set to soar in US - TowerGroup

The number of online transactions conducted by US customers is expected to rise from around 14.4 billion in 2006 to 24.4 billion in 2010. Meanwhile the number of transactions conducted using interactive voice response (IVR) technology is set to rise to around 16 billlion in 2010, from 12.2 billlion this year, while ATM transactions will increase from 14.4 billion in 2006 to around 15.1 billion in 2010.

Until recently, migration to self-service channels was driven by consumer demands for more banking options and not by the banks themselves, says TowerGroup. But recent internal studies by financial institutions have found that the most profitable customers are those who use a variety of delivery channels, both attended and self-service.


Further, banks are finding higher satisfaction rates among consumers who have greater choice in dictating where, when and how they do their banking.