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[adrian j boris] 30/6/2019 15:58

HomeLatest NewsNo Cash and No Branch? Nah! Young Consumers Want Bricks and Mortar Services.

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No Cash and No Branch? Nah! Young Consumers Want Bricks and Mortar Services.
by The Fintech TimesJune 30, 2019
The rush to close high street bank branches may be premature, according to the latest research from digital product agency, Somo. Young adults (18-24) starting out on their banking journey claim to use a bricks and mortar branch more than 25-44 year olds.

A staggering 41.7% of the 18-24 year age group surveyed state that a branch is the main place for them to do their banking. This is at odds with the record rate that bank branches are closing around the country; more than 60 a month, according to Which?.

In contrast to their younger peers, the 25-44 year-old group prefer to manage the majority of their banking online or via mobile, despite having more numerous and more complex banking needs.

The disparity in behaviours between the two groups so close in age speaks to the need for financial services to recognise the different life-stages and needs of customers and thus offer a blended approach, by fusing digital and physical products and services.

This desire for combining digital in-branch is echoed in the research. All age groups wanted shorter queues while better self-serve options like kiosks came second. Face time with advisors was most valued by the 25-34 age group which was prioritising budgeting and were the most likely to seek personalised advice.

The new research which surveyed 1000 UK adults also revealed:

The majority (63%) of UK banking customers prefer to interact with their bank(s) online, but a further 23% still want to visit a branch.
Contactless payments is preferred by 38% of Brits, but 33% would use card or cash and another 27% would prefer to use cash only.
Over half (56%) of Britons still use bank branches to deposit cheques while 44% use it to deposit or withdraw large sums. Over a third (35%) said it was the main place that they banked.
43% of Brits are either very or somewhat negative about a cashless society.

Access to digital banking is more important than ever, providing convenience as well as actively helping people understand and manage their money better. But there is growing evidence to suggest that it is important to offer consumers choice, and that a move to the so-called ‘cashless̵7; society may be too rapid for some groups of customers, and will have a negative impact on communities and other businesses.

Which? found that cash machines were disappearing at a rate of nearly 500 a month between June and December 2018. The Labour Party has proposed a publicly-owned banking network, Post Bank, to be based within the Post Office network, providing up to 3,600 branches nationwide. The Party’s shadow chancellor, John McDonnell, said: “Poor access to local bank branches hurts our town centres and local communities, particularly affecting elderly and more vulnerable customers, as well as damaging the ability of local small businesses to invest.”

[maxk] 30/6/2019 15:07

Not to be missed .. Hurry!

[minerve 2] 30/6/2019 15:06

More to life than the Tory party folks. This is the annoying part. They are prepared to hold all of Europe ransom to keep themselves together. How selfish and self-centred is that? That is why some call for the death of Tory scum. I can understand why.

[minerve 2] 30/6/2019 15:04

There are two ways to bring about a general election under the Fixed-term Parliaments Act: a vote of no confidence in the Government or by two-thirds of MPs voting for an election.

[maxk] 30/6/2019 15:02

More like both sides of the tory party have finally twigged that no exit means the end!

But they might have a chance if they do the business.

[minerve 2] 30/6/2019 14:54

Whatever they do it will not save the Tories from oblivion at the next GE.

[maxk] 30/6/2019 14:44

Phoney war over, reality at last



Tory rivals Johnson and Hunt in hard-Brexit bidding war

Johnson calls up Rees-Mogg as Hunt enlists former Canadian prime minister Stephen Harper to draft new free-trade deal


Tim Shipman, Political Editor
June 30 2019, 12:01am,
The Sunday Times




Britain is on course for a hard-Brexit confrontation with Brussels after both prime ministerial contenders revealed last night they were drafting in negotiating teams to replace Theresa May’s failed deal with a free-trade agreement.

Jeremy Hunt has drafted in two senior Canadian politicians, while Boris Johnson has asked Jacob Rees-Mogg and two other dedicated Brexiteers to draw up his Brexit blueprint.

The foreign secretary has recruited Stephen Harper, the former prime minister of Canada, to lead his “all-star” team alongside his fellow countrywoman Rona Ambrose, who has conducted trade negotiations with America. Crawford Falconer, the government’s top trade expert, who was sidelined by May, will also play a key role.




More here if you sign up:

[essentialinvestor] 30/6/2019 14:36

Ian, the price mentioned is the 12 month low. If we are looking at that
outcome on 31 October, thought there is more than a reasonable chance that is revisited. Just guesswork.

[minerve 2] 30/6/2019 14:28

Another comment on the FT, it wasn't mine. Many are getting the idea.

“No one is suggesting a no-deal Brexit would strike Britain with the force of a hurricane. “

That is right, it is going to be more of an ice age of withdrawal from the world focusing on inward naval gazing. Recovery starting when the Brexit pensioner generation has died out.






Last sentence spot on! Hope the dreg generation are dropping like flies in this heat.

[minerve 2] 30/6/2019 14:26

Tennis is great to play but generally boring to watch anyway. Like F1. Boring!

Oh look Wimbledon and the usual morons pandering for attention.

[minerve 2] 30/6/2019 14:24

Comment on the FT:

"Quite a few of below comments indicate a persistent state of denial with many English about the economic disaster that is unfolding. Bit like the climate change denial going on with the red necks in the US. Are these tribes related?"

[diku] 30/6/2019 14:20

Does anybody really watch doubles tennis match?...each point probably last maximum of 4 shots rally or less...bet they sweat more just standing on court in the sun than actually physically playing...

[hernando2] 30/6/2019 13:47

Good stuff...the French show us how to do it, leaders in bureaucracy..

[xxxxxy] 30/6/2019 13:41

Tory in Cumbria
Posted June 30, 2019 at 6:38 am | Permalink

No tariffs in the EU. Why leave it?

Reply
Shirley
Posted June 30, 2019 at 7:37 am | Permalink

No tariffs with the EU, but not ‘free trade’ either. After Brexit, we won’t be paying astronomical sums to other countries merely to be one of their best customers, nor will we have to accept their supremacy over UK law, or be forced to have open borders.

In business, the best customer gets the best terms. If future trade isn’t fair, then we will have the option to walk away, as we should with the EU.

Reply
William Long
Posted June 30, 2019 at 8:00 am | Permalink

Because, in trade terms, the EU is a declining part of a much bigger and growing world, with which we want to trade on our own terms and not those dictated to us. Surely you must be aware of that?

[minerve 2] 30/6/2019 13:12

Minerve Immortal Troll

[minerve 2] 30/6/2019 13:11

"Trolls die if they're not fed."

This one doesn't.

LOL

[poikka] 30/6/2019 13:00

exlogiclad - "Min..Just read your last five boring posts yawnnnnnnnnnnnnnnnnnnnnnnnn aaaghhhhhhhzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz"

Don't-read-them. Filter him. This board looks so much better without his posts. Trolls die if they're not fed.

[minerve 2] 30/6/2019 13:00

"he's a very nice chap."

Unlike the self-serving, self-entitled, you! ;)

[grahamite2] 30/6/2019 12:55

I don't know bargainbob but he's been around here a long time and he's a very nice chap.

[bargainbob] 30/6/2019 12:53

Is it same ken Batchelor from Michael Walters website ?