Branch, ATM or Online? Generations Clash
The American Bankers Association has released results of a recent survey of consumers that concludes that although branch banking still ranks first overall among consumer's usage, younger customers behave very differently.
According to the ABA, when consumers were asked what banking method they use most often, respondents said: Branches: 32 percent; online: 26 percent; ATM: 26 percent; telephone: 5 percent; and mail: 5 percent. However, generational differences had a strong influence on how respondents answered -- see this chart (PDF) that the ABA posted online.For example, banking at a local branch was the clear favorite of nearly half of those over the age of 55, but only 17 percent of those under 34 said they use branches most often. In fact, younger customers ranked branches behind online banking (35 percent) and ATMs (33 percent). Older customers said the opposite with 47 percent saying branches followed by ATMs (20 percent) and online (13 percent).
"Sometimes busy families have less time to head down to the local branch when balancing the kids and the commute," said Edward L. Yingling, ABA president and CEO. "Although younger customers are more likely to bank on their laptop rather than at a teller window, traditional services still remain popular with many."
The survey of 1,000 consumers was conducted for the ABA by Ipsos-Reid on July 10-12.
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