News

Tech-driven FIs more trustworthy, survey finds

Approximately 70 percent of all adults — and 85 percent of millennial adults — equate digital proficiency with trustworthiness, a US Bank report says.

November 18, 2015

Approximately 70 percent of American adults across all generations (and 85 percent of millennial adults) believe that banks current with the latest technology are more trustworthy than banks that lag, according to "The Balancing Act: U.S. Bank 2015 Outlook on People and Technology," a new report from U.S. Bank. However, when it matters most, 4 out of 5 respondents said they value people over technology, the report revealed.

​"American consumers want more from their banks than apps — they want advocates," U.S. Bank EVP for omnichannel Gareth Gaston said in a press release.

The survey found a  rapid decline in some traditional banking methods, the release said. Specifically, 29 percent of millennials said they have never written a check, compared with just 16 percent of Gen X and 13 percent of baby boomers. However, the survey also found that Americans do not want completely digitized personal engagement; almost two-thirds (63 percent) believe they will never make all of their financial transactions digitally.

The survey also gained insights into consumer behavior across geographies and gender:

• 21 percent of West Coast respondents have never written a check, compared with 15 percent of East Coast respondents;
• 69 percent of women say they will never make all transactions digitally, compared with 55 percent of men;
• 19 percent of millennials bank at branches because they have a relationship with a banker they trust, compared with 10 percent of boomers.

The report includes findings from an October survey by U.S. Bank that polled more than 1,000 American adults in order to uncover consumer attitudes and behaviors toward emerging banking technologies.