Studies reveal Americans prefer branches for financial transactions

A November 2015 study by U.S. Bank amplifies how consumers – despite the multitude of fresh mobile and digital banking options – still prefer going to brick and mortar branches for their financial transactions. Banking from anywhere around the globe is convenience personified, but making deposits, withdrawals, transfers, and account inquiries at a real branch […]

A November 2015 study by U.S. Bank amplifies how consumers – despite the multitude of fresh mobile and digital banking options – still prefer going to brick and mortar branches for their financial transactions.

Banking from anywhere around the globe is convenience personified, but making deposits, withdrawals, transfers, and account inquiries at a real branch is still essential for the majority of Americans. Some of the findings from the study include:

  • 63 percent of respondents indicate they will never make all of their financial transactions digitally.
  • 80 percent prefer working with an actual banker/teller instead of a virtual one.
  • 86 percent plan to do business in actual branches during the next five years.

The study’s data support the findings of studies conducted by CO-OP Financial Services, which manages CO-OP Shared Branch.

“Branches are not going to go away, but they are changing,” said Sarah Canepa Bang, chief strategy officer for CO-OP Shared Branch. “The modern consumer wants it all – mobile, online and branches – and they expect all access points to work together in a single harmonious, delightful user experience.”

With branches in all 50 states and Washington, D.C., more than 55 million credit union members – in other words, more than one-half of all members in the United States – have access to a branch within the network.

“Studies – such as one from last year by J.D. Power on retail banking – also find that younger consumers are among the most frequent branch users,” said Canepa Bang. These consumers have discovered credit union branches to be great sources of personal financial counsel.”

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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