• Posted

Average Briton Hasn't Visited A Bank Branch In Almost Two Years

New research has revealed that the average Briton estimates it’s been 1 year and 10 months since they last stepped into a bank branch for any reason. Furthermore, the majority of those polled had never written a cheque, and were more likely to phone their bank or communicate any issues via social media, rather than speak to someone face-to-face in branch.

Are bank branches becoming obsolete to British consumers? It would appear so, with 85% of participants polled in a new study stating they prefer to phone their bank or send them a message via social media instead of going into a branch if anything is wrong.

The team at VoucherCodesPro.co.uk conducted the poll as part of ongoing research into how Britons prefer to deal with their finances alongside new technological advancements. 2,198 Britons aged 18 and over, all of whom stated that they have at least one bank account, were quizzed about their account and how they choose to interact with their bank.

Initially all respondents were asked ‘When you have an issue with your bank that needs resolving, how are you likely to communicate with them?’ to which 47% of respondents stated that they’d ‘phone the bank’, 38% would opt to use social media, whilst just 12% would visit their local bank branch and the remaining 3% claimed they’d ‘hope the issue would resolve itself’.

Wanting to delve a little deeper, all respondents were asked what bank related interactions they’d been able to stop doing thanks so technological advancements in banking. When provided with a list of possible options and told to select all that applied, the top five bank interactions that Britons hadn’t carried out for at least 12 months were revealed as follows:

1. I haven’t written a cheque - 89%
2. I haven’t spoken with a branch employee face-to-face - 68%
3. I haven’t visited a bank branch - 63%
4. I haven’t needed to pay money directly into the bank - 52%
5. I haven’t needed to pay a cheque into the bank - 47%

According to the poll, when asked to estimate roughly how long it had been since they had visited their bank branch, the average response was revealed as ‘1 year and 10 months’. Similarly, when asked when they last wrote out a cheque, more than one half of respondents (52%) admitted that they’d never written one or even had a cheque book.

Furthermore, when asked their thoughts on bank branches, 65% feel they’re more directed towards the elderly, 55% believe they’ll disappear from the high-street within the next 10 to 15 years, and a further 30% think the next generation will have no need for local branches at all.

George Charles, spokesperson for www.VoucherCodesPro.co.uk, made the following comments:

“It’s a harsh reality that one day there’s going to be no need for actual cash. Think about it; the majority of shopping these days is either done online or, in the very least, paid for by card. Carrying cash just isn’t the most popular method these days. Whilst there will forever be a need for banks, we may not see local branches on our high street in 5, 10 or 20 years’ time.”

www.VoucherCodesPro.co.uk

Keep Connected to Home and Family with Hive Home Check

Keep Connected to Home and Family with Hive Home Check

Centrica Connected Home has unveiled its second smart home plan, Hive Home Check, which combines a suite of connected devices and services designed to give people added reassurance by being...

News Crowdedbrain - avatar Crowdedbrain

Read more
How to enhance the final season of Game of Thrones with TV Tech

How to enhance the final season of Game of Thrones with TV Tech

This July the final season of Game of Thrones will be unleashed onto screens around the world, with viewing figures of more than eight million every week in the UK...

News Crowdedbrain - avatar Crowdedbrain

Read more
Social media apps stand the test of time

Social media apps stand the test of time

The average person in the UK uses a smartphone app within 32 minutes of waking up and will access apps on average eight times per day, new research carried out...

News Crowdedbrain - avatar Crowdedbrain

Read more
MAGIX has reached over 100,000 new beat producers in just two months

MAGIX has reached over 100,000 new beat producers in just two months

Since introducing the first free version of popular software, Music Maker, MAGIX has reached over 100,000 downloads. Thanks to this fully functioning DAW, music enthusiasts can get started in digital...

News Crowdedbrain - avatar Crowdedbrain

Read more
Market-first TV released by Hisense

Market-first TV released by Hisense

After conducting market research recently Hisense discovered that consumers find the leap between the industry standard 40 and 50" TVs too big, many wished for a screen size somewhere between...

News Crowdedbrain - avatar Crowdedbrain

Read more
Get A 4K Viewing Experience For Less!

Get A 4K Viewing Experience For Less!

If you are after a no thrills 4K display for your computer needs then this deal may appeal to you, with the launch of the new electriQ monitor, available exclusively from...

News Crowdedbrain - avatar Crowdedbrain

Read more