Bricks-and-mortar bank branches are still a "critical component" of the sector, especially to Millennial customers, as a survey by Fiserv revealed they visit their branches on average 4.6 times a month - more than any other age group. The report also found that millennials have been increasingly turning away from traditional banking and into online banking, with over half (53 per cent) saying they've switched banks in the past 12 months. The study, which took in more than 3,000 US bank customers, also found 53% preferred mobile or online banking, but 44% said they would rather visit a branch.
Bricks-and-mortar bank branches are still a "critical component" of the sector, especially to Millennial customers, as a survey by Fiserv revealed they visit their branches on average 4.6 times a month - more than any other age group. Millennials were also the most likely to have applied for a loan, with 17% of the response. The study, which took in more than 3,000 US bank customers, also found 53% preferred mobile or online banking, but 44% said they would rather visit a branch.