Despite being the most active users of mobile banking, Gen Z consumers in North America are more likely than other age groups to visit a bank branch, according to a study by consulting firm Accenture.
The study revealed that 23% of Gen Z consumers visit a bank branch at least weekly, versus only 16% of baby boomers.
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Overall, one in five consumers in North America found to visit bank branch at least weekly.
Gen Z consumers were also found to be the most likely among various consumer segments to use cash during in-store purchases, as against 18% of millennials.
Online banking emerged as the preferred banking channel for North American consumers, with 65% of consumers found to use online banking at least weekly.
However, for majority (69%) of Gen Z consumers, mobile was found to be the preferred way to access banking services.
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By GlobalDataNearly two-thirds of consumers said they use a debit card for payment at least weekly, a rise from 53% in 2014.
Around 66% of consumers said they use cash for payments, which was flat compared to 2014.
Around one-quarter of consumers said they would use a digital wallet offered by a bank or non-bank third party and ditch their existing mobile banking app on getting aggregated account data on a mobile wallet.
In this regard, 45% of baby boomers were found to be the most likely to abandon their traditional bank’s app.
The study also found over 70% of millennials and Gen Z interested in AI-enabled tools.
Accenture financial services practice managing director Michael Abbott said: “For college-age consumers whose first jobs tend to be cash-based, branch usage is more a necessity than a choice.
“Clearly, Gen Z consumers prefer to manage their money on mobile devices, but they still need branches to digitize their earnings.
“Banks should treat this branch relationship as a near-term opportunity to deepen their ties with Gen Z consumers – offering financial education as their needs grow.
“But banks should also look at those habits as a clear sign of long-term demand for cashless mobile payment services.”
