Even as mobile banking applications continue to replace daily transactions and inquiries, 88% of American adults feel they still need a physical branch location to go to for banking needs, according to research by CARAVAN® Omnibus Surveys from ORC International.
Surprisingly, when asked the importance of a physical bank branch five years from now, the sentiment remains consistent – with 84% saying a physical branch will still be important. While banking channels will continue to change or improve over time, the study also showed that Americans foresee having similar banking needs five years from now as they do today (whether in a physical branch or online/mobile):
- 84% want access to a live person to discuss banking needs, 84% also expect to need the same five years from now
- 86% currently use online access for bill paying and functions such as transferring funds and 88% foresee doing the same in the future
- 68% use paper checks to make payments, and 62% foresee doing the same in five years
Change comes slowly, but there will also be an increase in mobile and app usage, with 6 in 10 stating a need today and nearly 7 in 10 projecting a need in the future. This is not surprising, as over 75% of Americans ages 18-44 say having mobile functionality is already important to today’s current banking environment. Read more here.