Are bank branches becoming a thing of the past?

Are bank branches becoming a thing of the past?

To measure just how much banking and payment habits have changed, JD Power conducted a survey of nearly 2,000 adults, which found a growing number of Australians are “self-sufficient” when it comes to banking and payments, as well as being more receptive to digital channels.

More than one-quarter (27 per cent) of respondents indicated in the survey that they would use bank branches less often – even when in-person interactions are safe.

A previous survey that asked the same question two months prior had seen just one-fifth of respondents answer the same way.

For JD Power Australia’s head of banking and payments intelligence, Bronwyn Gill, the data shows that “Australians are increasingly receptive to mobile and online banking compared with at the start of the pandemic”.

The move away from physical bank branches makes sense – almost one-third of respondents revealed they are avoiding cash at the present time due to the fear it may spread the virus.

Another 24 per cent also stated they are using ATMs less often to avoid contamination.

“As social distancing continues, there has been an increase in first-time mobile and online users, and greater frequency of use,” Ms Gill observed.

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Source: Are bank branches becoming a thing of the past? | nestegg