Younger consumers still need bank branches

by. Rob Rubin

Adults under 30 are less likely avoid bank branches than older consumers, and aren’t as interested in opening accounts online.

Statistics and technology innovation all point to the demise of bank branches. Teller transactions have been declining for years. People don’t have as many paper checks to deposit as they do in the past. And a large segment of bank and credit union customers –25% to 35% — only interacts with their bank via virtual channels.

Today, over 2 million retail locations in the U.S. enable people to pay with their smartphones, foretelling a day when paper money will seem as antiquated as VHS tapes and flip phones. Who needs bank branches when people can open accounts, deposit checks, manage their money, and pay bills from an array of electronic devices?

Young consumers — that’s who.

In a recent survey on FindABetterBank, adults under 30 were more likely to indicate that they don’t avoid bank branches, and they aren’t as interested in opening accounts online compared to older consumers.

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