Although a majority of US consumers today demand multi-channel banking services, a significant number of consumers still prefer the traditional branch, according to a research by Fiserv.
The study, which surveyed over 3,000
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Two percent of consumers said that they would opt for a fully automated branch with no on site personnel, the report noted.
Further, over 80% of consumers said that they logged on to their primary financial organisation's site in the last month, with the most common reasons being to check balances, pay bills, transfer money within the same organisation.
On the other hand, 61% said that they visited their primary financial organisation's branch the previous month, with the most common reasons being to deposit checks, withdraw cash, and speak to representatives.
The study also revealed preference of mobile apps among consumers. On an average, consumers recorded having 24 apps installed on their phones, with 15% having 40 or more and 66% using five or more apps per day.
Late millennials (aged 25 to 35 years) were found to be making a branch visit 4.6 times in the previous month – higher than any other generation and than the overall average of 2.9 times.
Preference for using nonfinancial organisations for financial services was found to be more prevalent among millennials (aged 18 to 35 years) and Gen Xers (aged 36 to 50 years).
However, in spite of their preference for mobile apps, only 16% of respondents said that they have used a mobile wallet, with the usage particularly high among men compared to women and more among early millennials (aged 18 to 24 years).
Fiserv senior vice president of digital banking Huntley Bakich said: "Consumers are making use of all financial channels.
"Deciding which channel to use is often dependent on their personal needs at a particular moment in time. As life stages change, and require different levels of engagement, they are using all the tools available to them."
