Banking channel use depends on life stage, personal needs, study confirms
Fiserv Inc., a provider of financial services technology solutions, has released the results of "Expectations & Experiences," its quarterly consumer trends survey.
Survey results reveal that while a majority of consumers prefer online or mobile banking, a surprising number still visit the branch, according to a press release.
More than half (53 percent) of consumers polled prefer online or mobile banking for standard daily transactions. Forty-four percent prefer a traditional branch, and two percent prefer a fully automated branch with no personnel on site.
Still, 61 percent had visited their primary financial organization's branch within the last month. Among these respondents, the common reasons were to deposit checks (68 percent); withdraw cash (51 percent); and speak to representatives (22 percent).
Online users most commonly logged onto their FI's website to check balances (79 percent); pay bills (47 percent); or transfer money within the same organization (41 percent).
Channels used for transactions also appear to show a relationship to the consumer's stage of life, Fiserv said. Late millennials (age 25–35), reported visiting a branch 4.6 times in the last month — more often than any other generation and much higher than the overall average of 2.9 times.
The study also highlighted the influence of mobile technology in people's lives. On average, consumers reported having 24 apps installed on their phones, with 15 percent having 40 or more. Two-thirds (66 percent) of respondents reported using use five or more apps daily.
Consumers have yet to fully adopt mobile wallets, however. Only 16 percent of respondents said they have used one.
Not surprisingly, millennials top the list for mobile wallet use. Thirty-six percent of early millennials (age 18–24) and 33 percent of late millennials (age 25–35), reported using mobile wallets.
"Consumers are making use of all financial channels," Huntley Bakich, Fiserv senior vice president of digital banking, said in the release. "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."
The survey of more than 3,000 U.S. adult banking consumers was conducted online by Harris Poll on behalf of Fiserv in March 2016. The report detailing the results of "Expectations & Experiences: Channels and New Entrants" is available at http://fisv.co/channels-expectations