Almost half of the customers in the US are willing to move over to a mobile-only bank.

This is according to a new bank branch survey report from Webpals Finance. Customers would be willing to switch if their local brick and mortar bank branch is closed.

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Furthermore, around 34% of the Gen Z respondents expressed their indifference if their local bank branch closes. This generation increasingly banks online or by mobile.

Bank branch survey: Key findings

The survey, jointly conducted with Google Consumer Surveys, received responses from 500 people aged above 18.

Majority (56%) of the customers opined that the level of customer service on finance apps is same as in-person.

Among all age groups, millennials are also less likely to visit their bank branch in person.

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According to Webpals’ findings, around 50% of Gen Zs said that their first branch visit was also their last. This implys growing importance of digital banking.

While around 72% of the respondents used a personal finance app within a week, 66% of the respondents said they did not visit their bank branch in last one month.

The figure increased significantly among millennials where 72% respondents said they did not visit their branch in three months or longer.

However, only 28% of the respondents said that they will not switch their bank if their local branch is closed.

Webpals Group CEO Inbal Lavi said: “What we are seeing today is a major cross-industry trend towards digitalisation, and banking is no exception.

“An all-inclusive banking platform provides customers with the ease, convenience, and accountability they desire.

“Insights from the survey indicate banking customers are moving towards online and mobile platforms to conduct financial transactions and to monitor their wealth and savings.”