UK banking customers are resistant to change when it comes to managing their money, according to new research by Accenture.
A recent survey of more than 2400 UK adults found that 1 in 3 (32%) would still rather do all their banking in person. Even among Gen Zs and Millennials, 1 in 5 (19%) 18-34 year olds fell into this camp, rising to 30% of 45-54 year olds and 44% of 55+.
Others, though, are more open to online services: updating personal details via a video or phone call was the most popular (36%), followed by closing a bank account (30%) and making payments digitally (27%). Nearly half (45%) of people between the ages of 25-44 would prefer to change their personal details from the comfort of their home, while, for people aged 55+, this dropped to 27%.
Digital banks in-demand for Gen Z, but still not as their main banks
The report shows how UK adults are using digital-only banks. 2 in 5 (38%) now have a digital-only bank account, however just 1 in 10 (12%) are using these as their main bank.
There is a clear generational divide. Over half (53%) of 18-24 year olds have one digital-only account, double that of those aged 55+ (26%).
Furthermore, 1 in 4 (22%) Gen Zs use their digital-only bank as their primary account, compared to just 7% of those 55 and older.
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