Survey by Webpals Group Reveals Consumer Attitudes towards Traditional Banking, and Growing Trust in Finance Applications
PR Newswire
TEL AVIV, Israel, November 28, 2018
TEL AVIV, Israel, November 28, 2018 /PRNewswire/ --
Over fifty percent (50%) of customers wouldn't mind if their local bank branch closed, according to a recent survey by Webpals Finance, the leading financial brand of performance marketing company, Webpals Group. Moreover, 56% of banking clients feel that the level of customer service on personal finance apps is the same as in-person, citing their proclivity for digital banking over in-person interactions.
According to Webpals' findings, millennials are less likely to visit their bank branch in person than any other age group, with nearly three in every four millennials having not visited their local branch in the last three months or longer. In a decade where nearly 9,000 brick and mortar branches have closed, traditional banking institutions must be conscious of evolving consumer demands. The quickest growing group of banking customers, millennials, face unique financial goals and challenges in the American economy.
Astoundingly, almost 50% of Gen Zs surveyed said that the last time they visited their branch was also their first - when they opened an account - indicating a new world order of digital-first banking. Traditional banking giants must provide new and innovative solutions to enhance personal finance and investing to a digitally-native audience, tailoring their offerings to up-and-coming generations of financial customers who are equally at ease with a mobile app as with a bank teller.
"What we are seeing today is a major cross-industry trend towards digitalization, and banking is no exception," said Inbal Lavi, CEO of Webpals Group. "An all-inclusive banking platform provides customers with the ease, convenience, and accountability they desire. Insights from the survey indicate banking customers are moving towards online and mobile platforms to conduct financial transactions and to monitor their wealth and savings."
The survey also revealed:
- Brick and mortar bank branches are less relevant to young adults, with 34% of Gen Z respondents indifferent to their local bank branch closing as they are mainly banking digitally
- While 72% of respondents used a personal finance app within the last week, 66% have not visited their bank branch within the past month-and 72% of millennials have not visited their bank branch in three months or longer
- Only 28% of all respondents would not change their bank if their local branch closed, marking a decline in bank loyalty among consumers
The survey, conducted in September 2018, was jointly carried out with Google Consumer Surveys based on a representative sample of more than 500 respondents from the United States, aged 18-65+.
About Webpals
Webpals Group is the performance marketing company, specializing in driving high value users to online and mobile businesses. Utilizing proprietary technology, thousands of exclusively managed web assets in over 18 languages, and with over 400 employees hailing from around the world, Webpals works with partners on a performance basis meaning that the company only succeeds when our partners succeed. Webpals Group is wholly owned by XL Media (AIM: XLM).
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SOURCE Webpals Mobile
