A new study finds U.S. consumers’ preference for depositing checks by teller continues to decline even for higher-value checks.
Mercator Advisory Group’s most recent Insight Report, Self-Service, ATM, and Other Channel Banking: Expand My Options, reveals even though tellers remain the preferred method for a $1,000 check deposit, this preference has declined steadily from a four-year high of 68% in 2012. Tellers are the only method of check deposit preferred by more consumers for larger check values than for smaller values, suggesting greater trust in in-person deposit.
The survey finds the fastest-growing check deposit method is mobile remote deposit, in which consumers transmit a photo of the check via smartphone, preferred by 21% of respondents for $1,000 checks and 19% for $50 checks, a preference steadily rising from four-year lows of 11% and 9% respectively in 2012. Yet, more young adults prefer to deposit higher-value checks by ATM (25%, up from 22% in 2014) than to use remote deposit capture (23% in 2015 and 24% in 2014), as young adults rely more on self-service channels for any size check deposit. Young adults, however, are more likely to prefer to deposit a $50 check by remote deposit than with a teller or an ATM.
As self-service banking technology advances, becoming easier to use and offering greater functionality, consumers begin to prefer the convenience of self-service channels to conduct basic banking transactions rather than going to the branch to have a teller perform them.
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