Research commissioned by CRIF has revealed a shift towards digital banking among UK consumers, underlining a dropping interest in bank branch proximity. As per the research’s findings, just 23% of UK adults consider having a nearby bank branch important when deciding on a financial provider, compared to 38% of Americans and 35% of Europeans who still prioritise this aspect.

The study came as part of CRIF’s 2024 Banking on Banks report series and focused on investigating generational attitudes, showcasing that young UK adults aged between 18 and 34 years old are specifically disinterested in physical banking locations, with only 13% of them valuing proximity. This represents a considerable drop from 2023 when 21% of this age group thought of nearby banking options. On the other hand, the older generation of individuals in the UK reveals a marginally higher preference towards having a nearby branch, with 33% taking this into consideration. However, this figure is substantially lower compared to their counterparts in the US, which averages at 53%, and Europe, at 41%.

The research’s findings In addition to focusing on banking preferences, either digital or physical, the research found that 41% of UK adults accentuated the importance of banks providing products and services that meet their needs, demands, and requirements, while 35% value a well-established brand. Also, positive customer reviews and comprehensive online banking features represent essential factors for UK consumers, with this being consistent among all age groups. Furthermore, commenting on the study, representatives from CRIF mentioned that how individuals manage their finances is changing, with the shift being more prominent in the UK. Whereas in the US and Europe many individuals still find local bank branches important, UK residents from all age groups place less value on this aspect when deciding on a bank.

This noticeable shift puts banks and financial providers under pressure to adapt to these modifying preferences, with officials underscoring the need to balance digital advancement with keeping traditional services to meet varied client needs. The study commissioned by CRIF follows previous findings from 2023 and reflects the expanding acceptance of digital banking solutions across Europe during difficult economic periods, underlining the UK’s position in financial services and communication technology. Source: Link .