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).
Media Contact
Orit Yogev
Headline Media
orit@headline.media
+1-516-725-9202
SOURCE Webpals Mobile