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Study: Consumers leaving no banking channel behind

Despite technological advances, 84 percent of respondents say that five years from now they'll still want access to the same channels they use today.

June 5, 2015

Even as new technologies and mobile applications continue to streamline banking and payments, 88 percent of American adults feel they still need a physical branch location to go to for banking needs, according to a new survey by Orc International.

In a press release, Orc said that the survey revealed why consumers visit a physical branch today: walk-up teller (68 percent); ATM (65 percent); drive-up window (51 percent); paper-based withdrawal (39 percent); and to discuss services with a banker (31 percent). 

Further, 84 percent of those surveyed said that the physical branch will still be important five years from now. Despite changes and improvements in banking channels, respondents expected to have similar banking needs in five years:

• Today, 84 percent want access to a live person to discuss banking needs — 84 percent expect to need the same five years from now;
• 86 percent currently use online banking for transactions such as bill payment and funds transfer — 88 percent foresee doing the same in the future;
• 68 percent use paper checks — 62 percent foresee doing so in five years; and
• 60 percent said they need mobile apps for banking and payment functions — 70 percent expect to need them in the future.

Orc found that more than 75 percent of respondents age 18-44 say that having mobile functionality is already important to today's banking environment.

"Consumers want both options — the ability to interact on-the-go and on their own schedule via mobile and online offerings, as well as the option to be able to have face-to-face engagements for more complex issues such as investments and mortgages," Orc International senior research analyst Marina Stein said in the press release. "The future of banking lies in the right mix — branches and technology — enabling a true omnichannel experience."

The survey was conducted April 27–May 3 with a representative sample of 2,018 U.S. adults age 18 and older, using ORC International's Online Caravan omnibus.