Recently, I spent 34 frustrating minutes in a branch completing a single international wire transfer. And 22 minutes of that was with the branch manager. How much did that cost the bank compared to the same transaction online? 2x more? 5x more? 50x more? 

And more importantly, what’s the customer experience?  How much happier would I have been to do the transaction online in the comfort of my own home? 2x? 5x? 1000x?

In this particular case the question is moot, because my primary bank does not support online or call-center wires unless I upgrade to a much-pricier commercial checking account.

But for those financial institutions that do offer a choice, the math is pretty clear. It costs WAY less to complete a transaction online and (most) customers are WAY happier to complete routine transactions online, assuming sufficient security is in place.

Yet, many banks still price the services the same regardless of the channel. While this is understandable from a simplicity standpoint (and you don’t want to alienate branch/call center users), it’s time to start using price to reward self-service.

For example, in my most recent Chase business checking account statement, I noticed that the bank is instituting a new fee structure for stop-payment requests. Beginning Nov. 13, each request made in branch or over the phone will cost $32. In comparison, online requests will be $25 each, a 22% savings. Wires are also $5 cheaper online than in the branch (see below).

The downside is that customers may be outraged by a $20/$25 fee for a transaction they initiate themselves online. But the discount, combined with the time savings, should help ease the pain.