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A new survey suggested consumers are changing the meaning of banking convenience from branch locations to the digital capabilities of financial institutions.

The apparent driving force for consumers to open an account with a direct bank, otherwise known as a digital or online financial institution without branches, is convenience, instead of lower fees and better interest rates.

Nineteen percent of consumers reported convenience as the most important factor when opening an account with a direct bank, according to a survey of 600 consumers conducted by BAI, a Chicago-based nonprofit independent organization that serves the financial services industry.

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Peter Strozniak

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Credit Union Times

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