Gen Y Values Mobile But Still Visits Branches: Study
When you think of Gen Y’s preferred banking activity, the thought of waiting in the teller line at a branch doesn’t exactly come to mind.
But the latest Consumer Trends Survey from technology vendor Fiserv Inc. included a surprising result: Gen Y visits branches more than Gen X, Baby Boomers and seniors do.
Ben Rogers, research director for the Filene Research Institute, agrees that Gen Y members only make trips to branches during exceptional circumstances, for example, to open a new account or solve a specific issue.
“It’s hard to characterize the whole group as valuing or not valuing in-person branches,” Rogers said. “It is safe to say, however, that they value them less than prior generations did, because they have not been conditioned to accept waiting in branches or conducting in-person or paper transactions that can be accomplished remotely.”