To explore the current attitudes and habits of today’s retail banking customers in both the United Kingdom and United States, Salesforce conducted its “2017 Connected Banking Customer Report.” The research was based on responses from more than 2,000 adults in the U.S., among whom 1,809 currently have a checking or savings account, and over 1,000 adults in the U.K., among whom 973 have a checking or savings account.
Key topics covered in the Connected Banking Customer Report:
The research found that customers are relying both on physical branches and digital methods to perform routine banking tasks. Additionally, fintech companies seem to be disrupting the banking industry in several ways, providing customers – particularly millennials – new methods to borrow, lend, and manage their money. Lastly, customers across both countries reported a lack of trust in financial services companies amidst a year of political and economic change.
Current Scenario of Customers Engagement with Banks:
While Americans across all age groups who use financial institutions primarily deposit their money in checking (94%) and savings accounts (75%), Gen Xers (ages 35–54) and baby boomers (age 55+) are more apt to have mortgage loans (46% and 37%, respectively) than (ages 18–34) millennials (20%). Perhaps reflecting a lack of trust overall, one in five millennials (21%) do not leverage any financial institution to address their financial needs, compared to just 6% of baby boomers and 9% of Gen Xers.
Mobile banking also appears to be the way of the future, with nearly one-third of millennials with a checking or savings account (31%) stating that they leverage their bank’s mobile app for most routine transactions such as deposits and transfers, compared to just 17% of Gen Xers and 6% of baby boomers. While banks continue to make it easier to perform routine tasks online and via mobile devices, customers of all ages continue to rely on visiting bank branches with 58% of Americans saying that they have walked into a bank branch in the last four weeks.
Download this Report now to understand the current scenario of US Customers in banking sector under various age groups.
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