In today's market it's all about the banks vs. brokers but younger customers say they are open to considering a third option.
Younger bank customers are nearly twice as likely as older customers to consider switching to a branchless bank, according to findings of a recent survey.
The 2014 North America Consumer Digital Banking Survey of 4,000 retail bank customers in the U.S. and Canada found that 39 percent of customers 18 to 34 years old would consider switching to a branchless bank, compared with 29 percent of customers 35 to 55 and 16 percent of customers over 55. In Canada, more than a quarter (27 percent) of all bank customers would consider a branchless digital bank if they were to switch financial institutions.
The survey also found that significant percentages of consumers — particularly younger ones — would be open to banking with technology players such as Google, Amazon and Apple if the companies offered such services.
According to the survey, overall 72 percent of consumers age 18 to 34 would be "likely" or "very likely" to bank with at least one technology, telecommunications, retail, or shipping/postal company that they do business with if they offered banking services.