According to a survey, one in five (21%) 18 to 34-year-olds across the UK would choose a bank with a branch nearby.
The ratio is significantly lower than in other European countries, research indicates.
In Italy, 42% of young adults would choose a bank based on having a nearby branch, as would a third (33%). France31% in Austria32% in Germany and between 30% spainAccording to the survey, CRIF (Centrale Rischi Finanziari), a global company that supports financial services companies.
In the UK, just over a quarter (26%) of 18- to 34-year-olds said they would want a bank that provides detailed budgets and analysis of their spending, while the same proportion (23%) said they would choose a bank that provides their banking Shows their credit score without the app.
A fifth (21%) want to be able to submit information and documents digitally instead of in person or by post.
Sarah Costantini, CRIF’s regional director for UK and Ireland, said: “While the cost-of-living crisis is undoubtedly playing its part, there is a general trend that young people in the UK are leading Europe when it comes to adopting digital and online methods of banking.
“Bank And lenders must now adapt and keep pace with these changing consumer needs, as well as recognize that consumers are increasingly willing to share their financial data if it means they can better manage their finances. Technologies like Open Banking are not only enhancing financial support, but also creating the foundation for tailored financial products and services.”
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 each in Austria, France, Germany, Italy and Spain.
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