Bank branches in the U.S., which have been closing at a rapid pace as retail banks try to cut costs, are actually rising in popularity among customers, Payments Cards and Mobile reported.
According to a survey of 1,000 U.S. consumers done by by Ipsos Public Affairs for the American Bankers Association, 21 percent of those polled selected the branch as their most preferred banking method, up from 18 percent in 2013. The Internet was favored by 31 percent, but that’s down sharply from the 39 percent who preferred it last year.
ATMs are also up in popularity, rising to 14 percent from 11 percent in 2013. Mobile banking is up to 10 percent from 8 percent a year ago.
Why are branches getting more popular? “When people are conducting a complex transaction like opening an account or applying for a home or business loan, they often prefer to do it in person,” said Nessa Feddis, senior vice-president of the ABA. “We’re seeing a branch renaissance in some areas, with many banks transforming their branches to become more efficient and customer-friendly.”
