As personal finance goes truly digital, what next for bank buildings?
As youngsters are set to have the basics of personal finance actually taught to them in classrooms, it is clear that the revolution in banking and financial services has only just got going.
It’s getting on for two decades since online banking was launched in the UK and use has been steadily but not dramatically upwards.
Business and financial advisers Grant Thornton have conducted a survey into how much customers prefer online to the old-fashioned bricks and face-to-face contact in bank branches.
Apparently, 48% preferred to do business, especially big ‘milestone’ events like mortgage and loan applications with a real physical person. 40% said they liked better to do it all online.
More surprisingly, 86% still had confidence in their banks to correct errors quickly and fairly with 91% reporting satisfaction with their own bank. The ability to allegedly switch banks in 7 days left 87% content with their current provider.
The British Bankers’ Association (BBA) have admitted that ‘branch numbers will continue to fall’, regardless of what people tell surveys. The fact is that footfall at branches is measurably declining. High street outlets are costly to run. The alleged ‘golden age of banking’ is long gone.