#470 It was about 20 years ago that most banks

It was about 20 years ago that most banks - Economics

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It was about 20 years ago that most banks typically only used one distribution channel (their branches). However, since that time they have dramatically expanded the number of channels that they use (in person, online, phone, and mobile). Below is a list of common distribution channels for a bank. Answer the following questions regarding your thoughts on how the distribution channels have changed how people do their banking.

Part 1: Direct & Indirect Channels

Direct	Indirect
Branches	Third Party Retailers
Phone (call center)	Mortgage/Loan Brokers
Internet Banking	Financial Advisers
ATM	Referrals From Independent Internet Sites
Personal Banker (staff to directly look after customers)
E-mail
Mobile Phone Messages

Develope a response to the following questions in paragraph format to identify your thoughts on distribution channels in banking.

• What are some of the banking direct and indirect channels you use most? Why?
• How have these distribution channels changed the way you do your banking over the last 10 years?
• In your opinion, which distribution channel from the list above has had the largest impact on consumer behavior? Why?
• What changes do you think will be made in the future to add/change distribution channels in banking?

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Free Chegg Answer

I mostly use direct channels and the majority of my usage is now through internet banking. All my deposits, transfers, payment of bills etc. is done easily at the click of a button using my bank’s internet banking facility. I have to sometimes use the branch channel or the ATM channel to deposit the physical checks that I sometime receive in my account. My use of indirect channel is very less and is limited to financial advisers whom I seek advice from when I want to invest in mutual funds or want to buy appropriate insurance products.

These distribution channels have undergone a significant shift over the last 10 years. Branch banking has been reducing on a consistent basis and now people do not have to visit a bank’s branch to do their banking activities. It can mostly be done through internet banking and mobile banking. The direct channels have become more convenient and less time consuming. The indirect channels have also changed and have become more personalized. Financial advisors, loan brokers etc. now provide more specialized services that are not generalized but are customized to suit the requirements of individuals.

In my opinion the distribution channel from the list above that has had the largest impact on consumer behavior is internet banking. This is because it has revolutionized the traditional banking functions and has turned the way people used to do banking on its head. With advancements in technology internet banking has been growing from strength to strength and the last decade has seen addition of new facilities and services in the internet banking domain on one hand and increased security features on the other hand.

The change that I will like in future is to add another channel in banking that will make use of block chain technology. With rapid advances in digitization block chain technology will serve as an important aspect in the field of banking and can revolutionize the way we bank. This will be a part of the direct channel of a bank and will further improve convenience and security for account holders in a bank.