Banking customers prefer branch visits to online banking - report

Internet Business News, August 16, 2004

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Market analyst Datamonitor plc (DTM.L) in conjunction with MORI Financial Services (MFS) has presented a report called "Customer Acquisition in UK Financial Services".

According to the report, consumers prefer to visit bank branches for many of their banking needs. In 2003, 15% of customers chose their account provider because of a convenient branch, 80% of customers had approached their mortgage lender at a branch and 57% of people arranged their personal loan with an adviser at their bank.

Additionally, the take-up rates for on-line and over the phone banking have been slower than expected, which according to Datamonitor is the indication that banks should treat their branch system as their strength and not a burden.

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