Evolving US Payment Systems and Bank Delivery Channels: Death of the Teller… Again?
While cash is still king and checks are widely used in the US other forms of payment are gaining market share as businesses and consumers continue to adopt more convenient and less costly electronic based payment products. Over the past 40 years banks and credit unions have expanded their delivery capabilities from just branches to an expensive and complex set of delivery channels. Each new channel was added to provide better service and was cost justified by reducing branch labor costs: ATMs to reduce the number of tellers; contact centers, internet banking and now mobile to reduce the number of branch service staff or even eliminate branches altogether.
While channel proliferation is driving up costs, the two most expensive channels, branch and ATM will continue to face significant reductions in transaction volume as check imaging reduces check volumes which make up 80% of a teller’s workload and increased adoption of debit and other electronic payment methods reduce the need for cash and debit cash back provides a convenient alternative to making a separate stop at an ATM to pick up cash.
The Evolving US Payment Systems and Bank Delivery Channels: Death of the Teller… Again?” is presented by Bob Landry, vice president of the Banking Group Advisory Services. In this webinar Landry rovides actionable insight on how payment volumes are changing, how this will impact the cost structure of US banking delivery channels and how banks and credit unions need to reconfigure their delivery infrastructure to reduce costs and improve customer experience.
Payment trends overview
Technology trends impacting delivery channels
Channel capabilities and transaction forecast
Recording Date: November 17, 2009
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About Mercator Advisory Group
Mercator Advisory Group is the leading, independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors.