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Saying branch and ATM banking are out is akin to saying credit and debit cards are being replaced by Venmo and mobile wallets. It’s just not true.

The added payment choices being pushed into the marketplace are creating more payment choice without eliminating their predecessors. Cash still accounts for twenty percent of all payments while credit, debit, and mobile app sit at twenty-eight percent, twenty-nine percent, and three percent, respectively.

Unlike payment choice, mobile banking has benefitted greatly from enforced social distancing, branch closures, and stay-at-home orders. But these incidents have only served to push mobile banking adoption and get consumers use to having banking options beyond the branch. And, just like in the payments space, increased mobile banking does not mean consumers don’t still want and need physical banking options.

ATMs Remain Essential

ATM use is dropping. There, we said it. But consider this, the youngest members of the most populous generation (Millennials) are twenty-seven. Someone born in 1980 is turning forty-two this year. And ATM use decreases with age.

Consumers 18-34, on the other hand, use the ATM nearly six times per month. And they use it for a variety of reasons such as getting cash, depositing cash, and depositing checks. Some even use these machines to view balances and pay bills. For these younger generations, the ATM plays a key role in their interactions with their financial institutions. And financial industry experts recommend banks and credit unions leverage the opportunity to create an interaction through additional personalization and integrations with branch and mobile.

Chart of Different Generations Likelihood to Use Negative Descriptions About Their Own Generation

Branches Shouldn’t Slouch

Consumers may be turning to their mobile application and other self-service channels for standard teller transactions. But accountholders understand their finances can get complicated and there are questions and situations that need person-to-person interaction. Today’s branches are becoming a hub for financial counseling and expert advice, in consumers minds if not in practice.

But the key for banks and credit unions is connecting these seemingly disparate banking avenues to their accountholder’s primary banking avenue – the mobile app. Fortunately, there is an easy way to provide members and customers with fast knowledge and access to all their physical banking needs, with an easy-to-use, interactive locator like Wave2.

Find out how the Wave2 locator can help your accountholders find exactly what they need!

Wave2 Contact:
Jason Green, Co-Founder
Schedule a Demonstration & Discussion