Do we need Telephone Banking anymore?

For years we have offered a toll-free number for customers to call to get account balances, transfer money, etc. It seems we have very few customers that even use this service anymore with online banking and mobile banking. Have any other banks considered doing away with this service or is there any compliance type reason we would want to keep it? We are a small bank and the cost of the service from our provider seems high for the amount of use from our customers.

We have not because surprisingly, even with all the other e-channels available today, our phone banking still has fairly high monthly usage. Plus, eliminating it would negatively impact those without access to a computer (i.e., elderly, etc).

We still have it and include it in our disaster recovery plan.

Agree with comments above plus you need to look at your customer base and geographic location of them. Smaller rural banks still use them.

You should be able to generate reports that tell you how many calls the system gets. Once you know that you can use a cost/benefit analysis to decide if you keep it or not. We ended up keeping ours after reviewing the reports. We had way more calls then we had predicted

one of these "sticky" products that keeps customers around

I work at a small community bank as well. We still have ours, and it actually gets a lot of usage. I guess it really just depends on your demographic but if you're in a more rural area, it's probably pretty useful if you have customers who don't always have quick and/or reliable Internet access, not to mention the customers who think computers are the devil. :-P