What Consumers Really Want Out Of Their Banks

When it comes to banks in the United States, consumers have a plethora of opinions; among them are some surprisingly strong ones on technology.

The findings, part of a study via U.S. Bank titled “The Balancing Act: U.S. Bank 2015 Outlook on People and Technology,” showed that about 70 percent of consumers, across all generations — which includes 85 percent of millennials — hold that banks that are “current with the latest technology are more trustworthy than banks that lag;” yet, perhaps conversely, 8o percent of Americans value people over tech.

In other findings, some age-old banking practices are waning. About 29 percent of millennials say they have never written a check, which outpaces the 16 percent of Gen X and 13 percent of baby boomers. Yet, even as paper-based check writing has been declining, the survey uncovered the fact that people are not in favor of making everything digital; 63 percent of the 1,000 adults surveyed last month said they would never do everything online for their banking needs. The move to completely digital banking may presage bad customer service, said the study. Eight out of 10 respondents want to work with professional bankers in person rather than virtual processes.

[bctt tweet=”Age-old banking practices are waning.”]

Among technologies that quicken the pulse of those surveyed and the ones they most want to try: 3D printers, according to millennials, which would allow them to print debit or credit cards; and Gen X and baby boomers would like to have retina scanners at the ready to sign for purchases.

And, in some cases, age need not discourage people from trying new tech. Two out of five respondents who are 65 years of age or older said they would look forward to signing for purchases via eye scans, outpacing the 22 percent of those between 18 and 24.