A new study has discovered American consumers want more from their banks than apps — they want advocates. Also, 70% of consumers across all generations (85% of millennials) believe banks current with the latest technology are more trustworthy than banks that lag.
The findings come from The Balancing Act: U.S. Bank 2015 Outlook on People and Technology, which uncovered some surprising facts about how consumers expect to use financial services in the future.
The new U.S. Bank Coaches Program connects a team of industry experts to consumer issues, offering practical insight and advice on relevant topics. Coaches will share knowledge and tips in their respective areas of expertise to empower consumers to get the most from their banking relationships. From finding your passion in the community to understanding how to think about the latest technology trends, the U.S. Bank Coaches Program will provide relevant insights and new ways to think about today’s trending topics.
The team and their areas of focus include:
• Community Development: Zack Boyers, CEO, U.S. Bank Community Development Corporation;
• Community Engagement: Reba Dominski, Senior Vice President, U.S. Bank Foundation;
• Omnichannel: Gareth Gaston, Executive Vice President, Omnichannel;
• Customer Experience: Robyn Gilson, Vice President, Customer Experience;
• Wealth Management: Margaret Paddock, Senior Vice President, The Private Client Reserve;
• Innovation: Dominic Venturo, Chief Innovation Officer; and
• Cyber Security: Jason Witty, Chief Information Security Officer.
There is a rapid decline in some traditional banking methods, according to the U.S. Bank survey. Specifically, 29% of millennials report they have never written a check, compared to just 16% of Gen X and 13% of Baby Boomers. Despite the decline in paper checks, the survey also found people are not in favor of completely digitizing personal engagement. Almost two-thirds (63%) of Americans believe they will never make all of their financial transactions digitally.
For data, background and forecasts on U.S. Bank: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).