This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

It's Actually Youngest Customers Clinging to Bank Branches

NEW YORK (TheStreet) -- Financial consumers have a romantic notion of "breaking free" with digital banks, but they're not quite ready to abandon the comforting reality of the venerable bank branch.

A study from London-based Accenture illustrates that, showing that while 25% of consumers say they like the idea of a digital-only bank, the number of bank customers using branch offices are on the rise.

Interestingly, it's the very youngest customers -- the 18-to-24 demographic financial institutions want to latch onto and hang on to for life -- that are least open to digital-only banks, Accenture says. (Although the 25-to-34 demographic love the idea of branchless banks the most.)

Also see: CFPB Looks at Mobile Banking, With the 'Underbanked' as a Focus

"The survey underscores the growing complexity in how consumers want to interact with banks in the digital age," says Peter Kirk, a managing director at Accenture. "The youngest, most tech-savvy-customers still value face-to-face contact as they begin their life's financial journey, whereas older customers who are further along in their work life are more open to a digital-only relationship."

While "there is also evidence that some customers are not satisfied by their banks' current digital offerings," Kirk says, there is no doubt more and more financial consumers bank online in various ways. According to Accenture, 80% of survey participants have used their bank digitally at least once in the past month, while the percentage of customers who have used mobile banking is at 27% this year, up from 10% in 2011.

But branch visits are up, too. Accenture reports the number of customers visiting a branch at least once a month has risen from 45% in 2012 to 52% this year.

"This presents difficult questions for banks as they look to balance digital channels with costly branch networks and deliver relevant services," Kirk adds.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs