WILMINGTON, N.C.–A new report has found an “interesting paradox” when it comes to financial services and consumers.
The report, released by Apiture, found most consumers claim they need physical locations, but half of Americans would not change where they bank if all physical branches suddenly shuttered.
The Findings
Among other findings in the survey of 2,000 banking customers:
- 57% of Gen Z and 60% of Millennial customers stated that their institution needs to have a physical location (compared to 65% of Gen X and 76% of Boomers.)
- Despite this sentiment, 45% of Gen Z and Millennials do not remember the last time they went to a physical branch (compared with 25% of Gen X and Boomers.)
- Across generations, half of all Americans surveyed would not change where they bank if their institution closed all its physical locations.
- 41% of Gen Z and 38% of Millennials consider digital account opening a top need when choosing an institution.