NEW YORK—A new report indicates Americans prefer financial institution branches over mobile apps when it comes opening new accounts.
Sixty percent of Americans would still rather open a new checking account in person at an FI branch than on a phone, tablet or desktop computer, according to a study from Novantas.
The survey also found that half of U.S. customers feel that online-only banks are "less legitimate" than those with branches. The preference for visits to branch offices over online banking for some activity stems from being able to see someone to resolve any issues that may arise, reported Reuters in its analysis.
“Folks are still hanging onto this comfort of feeling like there is a branch nearby if, and when, they need it,” said Matthew Sharp of Novantas. “Never mind that they are going to branches less often.”
“The findings show that banks that can afford to keep branch offices still have an advantage over online upstarts when signing new customers for primary accounts,” said Reuters.
The Novantas findings are based on responses from 4,352 people contacted by email in September.