Independent Banker - July 2022 - 56

Digital adoption is blind to demographics
When it came to embracing self-service options during the
pandemic, no single age group or segment of society led the charge.
The move to self-service " crossed all demographics, " observes Kathy
Strasser, chief operating officer of IncredibleBank in Wausau, Wis.,
noting that customers of all ages and backgrounds began using
online and mobile banking options at much higher rates.
Arguably, the most profound behavioral changes occurred
within the senior set. According to an April 2021 Capgemini survey,
older age groups showed a strong increase in the adoption of
digital payments in the pandemic. In the months immediately after
COVID-19 struck, 45% of 46-55-year-olds and 43% of 56-60-yearolds
reported that they were using digital payment channels more
than they had previously.
Greg Sullins, executive vice president at Wilson Bank & Trust
open an account in a
single channel, but by
2021, that number had
declined to 49%.
Potts points out
that the term " selfservice "
is often used
loosely, given that a
few bank transactions,
such as types of
commercial lending,
still require human
intervention. The
in Lebanon, Tenn., points out that customers exhibit preferences
that don't always conform to predictable patterns. In the first
quarter of 2022, for instance, Sullins found that almost 50% of new
accounts opened in his bank's branches belonged to Gen Z and
millennial customers.
lure of what he calls
" Amazonification " -
or the idea that
every process can be
completed remotely
and in nanoseconds-
can prove problematic.
One idea is for
bankers to stop
attempting to digitize
all transactions
and perform them
at lightning speed,
devoting themselves
instead to perfecting
the self-service
processes that hold
the greatest promise.
Potts notes that
" abandonment of
transactions is a real
problem " whenever
customers put aside
what they're doing
be signed as the notary and customer
interact over video screens
With so many promising new selfservice
options popping up, community
bankers find themselves wrestling with a
few existential questions.
The pandemic underscored that
" consumers want it all " when it comes
to customer-service options, emphasizes
Javelin's Schwanhausser. That said,
offering an array of channels has its
drawbacks, especially given that checking
accounts have the best odds of success
when they are completed within a single
channel. In 2016, says Schwanhausser,
65% of successful checking account
applicants using bank branches could
56 Q ICBA Independent Banker Q July 2022
to change devices or phone a customerservice
rep, because a percentage
will never return. Arguably, he says,
" seamless " and " frictionless " should be
the watchwords of the day.
Simpson agrees. She says that " the goal
for us is to eliminate any unnecessary
keystrokes or calls for our customers. "
She continues: " We want customers to get
their accounts opened and any services
they need without having to reenter data
or sign any forms they don't need to. "
Maintaining humanity
Many community banks also want to
ensure that self-service does not impinge
on customers who prize personal
Independent Banker - July 2022

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