Although nearly 70% of consumers across all generations prefer banks equipped with advanced technology, about 4 out of 5 Americans value people more when it matters most, according to a survey by U.S. Bank.
The study, The Balancing Act: U.S. Bank 2015 Outlook on People and Technology, also reveals a sharp decrease in conventional banking methods.
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The decrease is particularly high among millennials with 29% of this customer segment saying that they have never written a check as against 16% of Gen X customer segment and 13% of Baby Boomers.
However, 63% of Americans hold the view that they will never make all of their financial transactions digitally, with about 80% of consumers fearing bad customer service from completely digital banks.
The survey points out that 86% of consumers intend to bank in physical branches over the next five years, while 8 out of 10 Americans prefer working with a professional banker rather than a virtual one to resolve problems.
Also, older generations are more receptive to new technology compared to millennials, according to the survey.
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By GlobalDataU.S. Bank executive vice president, omnichannel, Gareth Gaston said: "American consumers want more from their banks than apps — they want advocates. Everything we do at U.S. Bank is guided by a relationship-first philosophy. Our role in that relationship is to discover what’s possible for our customers, combine it with what they are aspiring to and guide them along the way."
