One in five (21%) 18 to 34-year-olds across the UK would choose a bank based on it having a nearby branch, according to a survey.
The proportion is significantly lower than in some other European countries, the research indicates.
In Italy, 42% of young adults would choose a bank based on having a nearby branch, as would a third (33%) in France, 31% in Austria, 32% in Germany and 30% in Spain, according to the survey, commissioned by CRIF (Centrale Rischi Finanziari), a global company which supports firms offering financial services.
Within the UK, just over a quarter (26%) of 18 to 34-year-olds said they would want a bank that provides them with detailed budgeting and analysis of their spending, while a similar proportion (23%) said they would choose a bank which shows them their credit score without having to leave their banking app.
Banks and lenders must now adapt and keep up with this shifting consumer demand— Sarah Costantini, CRIF
A fifth (21%) also want to be able to submit information and documents digitally rather than in-person or by post.
Sarah Costantini, regional director for the UK & Ireland at CRIF, said: “While the cost-of-living crisis is undoubtedly playing its part, there’s a general trend emerging showing that young people in the UK are leading the way in Europe when it comes to embracing digital and online methods of banking.
“Banks and lenders must now adapt and keep up with this shifting consumer demand, as well as recognising that consumers are becoming increasingly willing to share their financial data if it means that they can better manage their finances. Technologies such as open banking are laying the foundations for not only increased financial support, but tailored financial products and services too.”
Opinium surveyed 7,000 adults across European countries in April on behalf of CRIF, including 2,000 in the UK as well as 1,000 per country in Austria, France, Germany, Italy, and Spain.
