By Sabrina Karl
Although almost 9 in 10 Americans are using their bank’s web and mobile options, bank branches are still important to a majority of consumers, no matter their generation.
A recent study by Adobe Analytics surveyed 1,000 consumers across multiple age groups and found that, overall, three-quarters of U.S. adults (75%) report that the availability of physical branches matters to them.
Older generations were more likely to say branches are important (83% of baby boomers and 92% of traditionalists). But even among Generation Z adults, who are age 22 at the oldest, a full two-thirds (66%) said they find physical branches to be valuable. Millennials and Generation X adults registered the importance of branches just slightly higher, at 68 and 70%, respectively.
Yet when asked how often they visit a bank branch, young Gen Z adults were far and away the most likely to say they step into a branch at least once monthly, at 72%. Millennials came in a distant second, with 60% reporting at least one bank visit per month. Generation X adults were the least likely, yet still came in at 50%.
Things change a bit generationally when looking at weekly trips to the bank, with a quarter of traditionalists (25%) reporting this frequency. But 18% of Gen Zers and 16% of millennials also indicated they visit a branch about weekly.
When choosing a bank, security and location of branches were the top two priorities overall. Among older generations, a fifth to a quarter cited branch locations as their No. 1 criteria in choosing a bank (20% for Gen X, 24% for boomers, and 23% for traditionalists). Although the two younger generations ranked the bank’s mobile app as a higher priority, still 11% of Gen Z and 12% of millennials said branch locations were their top consideration.