Consumers still prefer ‘bricks and mortar’ compared to online for banking
The traditional branch remains the preferred option for most people in the South West when it comes to making banking transactions.
This is according to business and financial adviser Grant Thornton.
Research from the firm found 48 per cent of consumers rated branches as their preferred place to do business, as opposed to 40 per cent who preferred online platforms.
Despite the proliferation of smartphones and tablets, only 5 per cent of respondents pointed to mobile banking applications as their channel of choice.
The survey found that consumers’ trust in banks remains relatively high, with 86 per cent suggesting they trust their banks to rectify problems quickly and fairly and a majority (91 per cent) reporting satisfaction or better with their bank.
The survey also identifies a lack of interest in switching between financial services providers.
Only 13 per cent of respondents suggested they were considering changing their bank, with the remaining majority (87 per cent) content with their current providers.
Paul Rodwell, head of financial services advisory at Grant Thornton in the South West, comments: “What the research overwhelmingly shows is that demand for ‘traditional’ banking facilities remains high, despite many predicting the ‘digital revolution’ would completely negate the relevance of ‘bricks and mortar’ outlets.
“Consumers are still eager to carry out their banking needs in a face-to-face environment – particularly for milestone events such as taking out a mortgage or large loan.
“With many of the established high street banks now closing down their branches, and up-and-coming ‘challenger banks’ entirely avoiding having a physical presence, this could leave a significant gap between expectations and realities for consumers.”