LONDON—Another report suggests it’s still way too early to work on your eulogy for the death of the branch.
According to a study by ORC International, even as consumers’ appetite for mobile banking increases, 88% of American adults feel they still need a physical branch location to go to for banking needs.
The report, polling 2,018 U.S. adults age 18 and older, revealed that consumers visit a physical branch today for walk-up teller (68%); ATM (65%); drive-up window (51%); paper-based withdrawal (39%); and to discuss services with a financial expert (31%).
What is more telling, is 84% of those surveyed said that the physical branch will still be important five years from now, and despite all the movement to e-services, respondents said they will have similar banking needs in five years.
Key findings:
- 86% currently use online banking for transactions such as bill payment and funds transfer — 88% foresee doing the same in the future.
- Today, 84% want access to a live person to discuss banking needs — 84% expect to need the same five years from now.
- 68% use paper checks — 62% foresee doing so in five years.
- 60% said they need mobile apps for banking and payment functions — 70% expect to need them in the future.
"Consumers want both options — the ability to interact on-the-go and on their own schedule via mobile and online offerings, as well as the option to be able to have face-to-face engagements for more complex issues such as investments and mortgages," ORC International senior research analyst Marina Stein said in a release. "The future of banking lies in the right mix — branches and technology — enabling a true omnichannel experience."