Gen Z Consumers Visit Bank Branches More Often than Any Other Age Group, Including Baby Boomers
Gen Z consumers (i.e., people aged 18-21) are surprisingly more likely than any other age group, including Baby Boomers, to visit a bank branch at least weekly, according to a study from Accenture released in October 2017 – reflecting the heavy cash dependence within their age cohort. The study also found that Gen Z consumers are the most active and engaged group using mobile banking, with all other consumers preferring online banking as their primary banking channel.
Among the key findings: 20 percent of customers visit their bank branch at least weekly, with 23 percent of Gen Z accessing banking services through a branch at least weekly, compared with only 16 percent of Baby Boomers.
However, for college-age consumers whose first jobs tend to be cash-based, branch usage may be more a necessity than a choice. Gen Z consumers prefer to manage their money on mobile devices, but they still need branches to digitize their earnings.
The study also found that online banking has become the preferred way for North American consumers to access their banking services, with 65 percent using online banking at least weekly. The one exception is Gen Z consumers, who prefer to bank via a mobile app.
The study, 10 Mega Trends Driving the Future of Payments, is based on a survey of 1,500 consumers in the United States and Canada.
Whilst the results of this study may not be directly transferrable to insurance products, where the frequency of client-provider interactions is much lower than in consumer banking, the appetite for online or mobile contacts over person-to-person interactions (or is it the long waiting times at bank branches?) may very well apply to high-frequency, low-complexity tasks such as health insurance claims and asset allocation in pensions.