Google+ Consumer Psyche: Move towards Internet banking

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Saturday, March 21, 2009

Move towards Internet banking

Banking has been revolutionized by the use of technology. The service is swifter, better and cheaper. But how cheaper? Well here are the details...

Cost Per Transaction In The US: Money Transfer (units in US $)

Type

Branch

Cheque

Phone

ATM

PC

Internet

Cost Per Transaction

1.07

0.95

0.45

0.27

0/015

0.01


The reduced cost makes it feasible for the bank to concentrate on the user experience and making it pleasant for the consumer. The difference between services of various banking firms being negligible the focus has shifted to the experience. Consumers are becoming more critical and demanding about the services from the bank as the switching costs are less and there are many players in the market. So any reduction in the cost is welcomed eagerly. Banks aim and strive to move the customer from the branch-banking to Internet-banking which is about 100 times cheaper and gain competitive advantage.
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