Survey Reveals: Banking Preferences Across Generations – A Deep Dive

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PHILADELPHIA, PALevLane Advertising has unveiled the findings of its “2024 Future of Banking Survey,” shedding light on generational differences in banking preferences. The survey, conducted with 500 U.S. adults, highlighted key insights into the evolving landscape of digital and branch banking.

Despite the surge in digital banking, the results show that local bank branches remain crucial for many. A significant 75% of respondents across all generations indicated the need for branch access, with most visiting daily or weekly.

Liz Weir, Chief Marketing Officer at LevLane, noted, “Like the first survey in our series, which discovered a surprising alliance between Generation Z and baby boomers, we again found similarities between the youngest and oldest generations. While millennials and Generation X are leading the charge toward digital-only banking, 65% of Gen Z, who are thought of as more digitally savvy, would actually prefer having branch access, aligning them more closely with boomers.”

Trust in digital-only banking services remains low, with only 30% of respondents feeling “very comfortable” using them. Generation X leads this trend with 42% feeling comfortable, while millennials are more tentative, with 32% feeling “somewhat comfortable” and only 18% “very comfortable.”

The survey also highlighted a strong preference for human interaction. An overwhelming 88% of Gen X prefer human over AI interactions. “Trust in AI features is significantly higher among millennials compared to Gen Z,” added Weir. “While 21% of millennials completely trust AI-driven banking features, less than 5% of Gen Z share that trust. As AI advances, understanding these trust issues is crucial for banks aiming to improve adoption rates. What it underscores is that despite the rise of digital banking, physical branches and human interaction still play a critical role in customers’ banking needs.”

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Additional findings include:

  • Baby boomers are more likely to visit branches for opening or closing accounts (36%) compared to Gen Z (16%).
  • Boomers also prefer branches for financial advice (13%), contrasted with 5% of millennials.
  • Millennials frequent branches for withdrawals (36%), while only 23% of Gen Z do so.
  • Gen Z shows the highest likelihood of visiting a branch for loan services (8%), indicating their preference for in-person consultations.

These insights from LevLane Advertising’s survey provide valuable guidance for banks aiming to balance their digital and physical banking services effectively.

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