Could this be the beginning of the end for brick-and-mortar bank buildings?
Young bank customers – defined as those under 35 – are much more likely their older counterparts to be willing to do their banking with branchless banks, according to an Accenture report released May 27.
A survey of 4,000 bank customers around Canada and the United States found that 40% of young respondents would feel comfortable dealing with online-only banks, compared with 29% of those between 35 and 55. Among those over 55, only 16% would want to do branchless banking.
“The game is changing for banking in Canada and the US, and tomorrow's consumer is coming of age with a very different perception of what a bank could be,” said Jodie Wallis, managing director of Accenture's Canadian banking practice.
“These new customer expectations will prove disruptive to banks, if non-bank entrants gain momentum and if banks do not adapt quickly.”
Banking with a technology company may become a possibility. Among those between 18 and 34, 40% of respondents said they would be comfortable banking with companies such as Google, Amazon and Apple, if they were to offer services like that. For those over 55, that number falls to 7%.
