EECU Credit Union’s Post

During the first quarter of the year, the Portal da Queixa (Portal da Queixa by Consumers Trust) received more than 1,800 complaints related to the banking sector, an increase of almost 20% compared to 2023.  #theportugalnews #banking #financialservices #bank #complaints #customercomplaints #customerservice

Citibank and Chase are among the major banks that collectively closed eleven locations in just one week in the US as the move to online banking continues throughout the globe. A recent GOBankingRates survey found that nearly 70 percent of customer between 25 and 34 preferred to do their banking online rather than in branch. Read more https://lnkd.in/eDBF3f5V #onlinebanking #digitaltransformation

The future of physical bank branches in the US is a topic of discussion as industry "experts" predict their potential extinction by 2041. According to a recent report by Self Financial, an average of 1,646 branches have been closing annually since 2018. California leads in branch closures over the past decade, with 1,114 branches shutting down, followed by Florida (1,091) and Illinois (858). Data from the Federal Deposit Insurance Corporation reveals a significant decline in commercial bank branches nationwide. Between 2012 and 2022, the number of branches decreased from 82,461 to 69,590, marking a 16% reduction. This trend highlights the evolving landscape and challenges facing traditional banking institutions in the digital age.

Apropos debate on Australian Senate Committee's report on Regional Banking Each year the RBA produces a Point of Presence (POP) report, listing where physical banking can take place, see summary attached (e.g. Branches were 3,588 - note a fall of some 37% since 2017!) Given the number of households in Australia some 10.4 million and businesses are some 2.6 million the chart shows that there was 1 full service branch per 7,426 persons, but 3,623 households and businesses per branch. The latest stats show that conservatively some 80% of transactions are undertaken online so each branch would support some 725 non-online customers - which works out at an average of 21 physical customers per hour per branch! For ATMs there is 2,284 households and businesses per ATM and on average people visit an ATM 5 times per month or on average 375 withdrawals per day per ATM. Other face to face POPs are mainly Post Office, which on average support 2,911 household and businesses And there are on average 19 household and businesses supported by each EFTPOS This means that there are lots of ways (outside of Remote Australia) for households and businesses to get cash and to transact basic banking in Australia (assuming telecom systems are working), and in fact Australia remains over-banked compared to other countries. There are some 186,000 employees of Australian banks that on average each support 70 household and businesses and some 14 non-online customers - I know there are a lot of workers in the background but could almost know them by name. This report is from late 2018 but notes https://lnkd.in/g8pTcAWj "The impact of reducing access to banking services, in particular closing bank branches, has already played out in the UK, and it has not been pretty, in particular the phenomenon of the “last branch in town”.   The issue of bank branch closures is political.   Often in a small town, a bank branch is one of the few sources of high-quality, white-collar jobs, especially for working women. Losing such jobs hurts the community. But, while a faceless firm may close a bank branch, it is often the local politicians that take the heat.   The closure of branches immediately raises a number of other related issues of public policy, including ‘access to cash’ and ‘financial inclusion’." Sound familiar? Associate Professor Andy Schmulow Matt Sykes PhD

Don’t fall prey to banking frauds! RBI has a simple list of dos and don’ts - 5 tips... #banking #banks #banco #banca #banque #finance #finanzas #finanza

Check out the latest BAI Banking Strategies Executive Report. Pages 10-11 have some good insights on fraud trends and how surveyed institutions are tacking third and first party fraud. https://lnkd.in/gZGW5gxv

Here’s a look at some of the other changes expected in Canadian banking in 2024: Open banking; A single option for banking complaints; Faster payments; Predatory lending; Not in sight: price reviews.

Bankwest the digital bank! Bankwest branches to close in Western Australia after 129 years. Bankwest has announced it will close its branches by October 2024 and be a digital bank moving forward. Of the 45 Bankwest branches to close, 15 will be converted to CBA branches. Bankwest will transition to a digital bank in the next six months. 'Angus Sullivan, CBA’s retail banking boss, said the change was necessary to better serve customers who “value a simpler, digital experience”, adding that 97 per cent of Bankwest transactions are now conducted by app or online banking.' From the data shown on the Bankwest website: - 97% of all Bankwest transactions now completed digitally. - Fewer than 2% of customers are visiting a branch regularly. - WA branches average about 30 transactions per day, and in regional WA this halves to 15.

Account opening platforms can no longer be tools for basic transactions. They must be remarkably comprehensive. Check out my article featured on The Financial Brand and learn how banks and credit unions need to offer cutting-edge features to capitalize on growth opportunities as top CUs such as Meriwest Credit Union and Harborstone Credit Union are doing: https://bit.ly/3LkD6k9   #DigitalBanking #Banking #DigitalFirst #AccountOpening #CustomerExperience #Fintech #Terafina

So many important tips about getting the most out of your banking and avoiding costly mistakes here. Thanks to Kimberlie McGee and Sherry Dvorak for their insights. #banking #banktips #personalfinancetips #GOBankingrates