Over the years, many Americans have witnessed the transition from completing every transaction with a teller to doing most everything on a smart phone. For some industry forecasters, innovations such as peer-to-peer digital payments and remote check deposits were a sign of the death of in-person banking. This led some brands to close retail branches in an effort to cut costs and get ahead of the trend. However, in fact, the opposite is happening. Following height of the pandemic and as Gen Z entered young adulthood, there has been an uptick of in-branch banking within their age group according to a recent Adobe Analytics study. To better understand this trend, take a closer look at three tasks Gen Z heads to the branch to complete.
1. 45% of GenZ Consumers make Deposits at a Branch
While remote check deposit is a great option for customers on the go, many still prefer to visit a branch or drive thru location for this service. Of course, for businesses that handle large quantities of cash, a good working relationship with the personal banking team is paramount. Whether it’s about high volumes or just personal preference deposits in branch are a trend for customers.
2. 28% of GenZ Consumers Pay Bills at a Branch
Online Bill Pay is the perfect option for recurring payments such as rent or utilities, but not every payment is recurring. In these unique situations or at times when customers find they need a bit more help, these customers find themselves coming in to visit the branch. Personal bankers are always happy to assist customers with an ACH to ensure a bill is paid.
3. 25% of GenZ Consumers want Face-to-Face Customer Service
Mobile and online services are great resources for getting things done, yet some customers still prefer the personal touch of a professional’s assistance. We call it Personal Banking, after all. Evolve Bankers know their customers well and guide them regarding the best products and accounts to suite their goals. That’s the type of customer service people look for when they venture in branch; they want to ensure they’re using the right accounts to meet their saving or business goals.
Regardless of what brings GenZ consumers into a bank branch, they overwhelmingly agree (70%) that bank branches are an important part of the banking ecosystem. Apps, websites, ATMs, and branches all work together in concert to ensure that customers have 24/7 access to their financial information.
