Although the world is increasingly becoming more digital, when it comes to financial services, there are some aspects of the traditional way of doing things that are unlikely to change. According to a new study by Bankdash.com which surveyed over 1,000 people in the United States, 65% of consumers stated that having a physical branch location for their bank or credit union was important or very important to them. This is despite the fact that digital penetration is already at a very high level. Specifically, the survey results indicated that 75% of consumers already choose to view their account balances online and that 65% of consumers choose to pay their bills online.
“While digital adoption has clearly increased over the years and is at a high level for financial services, the survey results clearly indicate that a significant percentage of bank and credit union customers continue to value having branches,” said Steve Wilson, Editor of Bankdash.com.
“Importantly, when we looked at the responses across age groups, the result was essentially the same with 56% and 58% of Gen Z and Millennials, respectively, indicating that having branches was important. These results suggest that drastically reducing or eliminating branches could actually be disadvantageous for banks and credit unions.”, he further added.
The survey was conducted to broadly study consumer financial habits and preferences in the United States, including differences between bank and credit union customers. Additional findings from the survey include:
– 75% of consumers use a bank for their primary financial services while 25% use a credit union.
– 87% of consumers visit a bank or credit union branch at least once a year. 48% of consumers visit a bank or credit union branch 5 or more times a year.
– The 3 most important criteria for consumers when selecting a bank or credit union are customer service, fee transparency and technological capability. A close fourth is the interest rates on products.
– Credit union customers are on average more satisfied with, and more trusting of, their credit unions than bank customers are of their banks.
– The younger generation is significantly more likely to pay avoidable account fees. For example, the survey results showed that millennials are responsible for a disproportionate amount of NSF fees that are charged despite having lower income and lower savings than older adults.
This survey was conducted from February to March 2022. For more details visit: www.bankdash.com
Bankdash.com is a personal finance news and research publication dedicated to helping its visitors improve their understanding of everyday personal finance products and the institutions that offer these products. The site publishes news, research and ratings on banks, credit unions and the many financial services and products they offer. Start improving your knowledge about your financial options by visiting www.bankdash.com.