However, in Norway, one of the leading countries for digital channel usage, customers surveyed said they prefer digital channels over branches when applying for simple products, such as checking accounts, savings accounts, debit cards, and credit cards (see sidebar, “Digital product application in Norway”). This was true in developing countries, such as Mexico and Indonesia, as well as in developed countries, such as Spain, France, Germany, Japan, the United States, Canada, and Switzerland (figure 1). The survey revealed that most customers prefer branches over digital channels when opening new accounts for both simple (such as savings accounts and debit cards) and complex products (such as loans). Branches are the dominant channel for account opening Despite the low R-squared, we consider the model results to be quite revealing because of the significant coefficients. The purpose of the model is not to predict overall satisfaction but to understand the relationships between channel satisfaction and overall satisfaction. However, the model fit and the coefficients were significant (except for ATM satisfaction) to understand the relationships between channel satisfaction and overall satisfaction. The R-squared was low (0.18), which is not surprising given that the overall satisfaction with a bank typically depends on a number of factors beyond channel satisfaction.
We included responses from only those consumers who had used all the above-mentioned channels (n=8,000). Using this data, we built a linear regression model with overall satisfaction with the bank as the dependent variable and satisfaction with individual channels-branches, ATMs, contact centers, online, and mobile apps-as the independent variable. Among other questions, we asked respondents about their channel usage for various products and services. The Deloitte Center for Financial Services surveyed 17,100 banking consumers across 17 countries to measure a range of banking attitudes, behaviors, and preferences.
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