NEW YORK—More than one in four people — 27% — do their banking entirely online. That includes 31% of 25- to 34-year-olds, according to a new survey from GOBankingRates.
“While it may not be surprising that nearly one-third of the youngest adults have abandoned brick-and-mortar branches altogether, it’s likely most people wouldn’t guess that 35- to 44-year-olds were even more likely to do the same, but it’s true. A full 36% of respondents from that demographic now do all of their banking online,” GOBankingRates said.
Rohan Amin, chief product officer for Chase, told GOBankingRates the future belongs to tech that makes people better money managers.
FIs Must ‘Go Beyond’
“Consumers and small business owners expect their banks to go beyond traditional account offerings and provide reliable tools and resources to help them understand and improve their financial health,” Amin told the publication. “This includes giving them a lightning-fast overview of where their money is and how it’s being used, available at their fingertips. Actions such as depositing checks, sending money, investing, exploring refinancing options for their mortgage and managing car payments are all things consumers want to do from their phones.”
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