The rise of Fintech has posed a serious threat to the traditional branch banking model. Neobanks and other online financial services companies are able to avoid the costs of running and staffing physical branches, and they can pass those savings on to their customers.
A new study by Bankrate, however, indicates that the branch model will not be going away anytime soon. When Americans were asked when they last visited a bank branch, nearly half (45 percent) of respondents said within the past month. In addition, more than a fourth (26 percent) said they had visited a bank branch in the past week. These visits even exclude use of ATMs.
Want to learn more about how banking is changing? Sponsor or attend the Benzinga Fintech Awards, the fintech industry’s premier event dedicated to recognizing the innovation in capital markets.
The Fintech revolution has reportedly been driven by a younger, more tech-savvy Millennial generation, but Bankrate found that Millennials are using bank branches nearly as much as the rest of the population. In fact, more than 40 percent of Millennials reported visiting a bank branch within 30 days.
The last piece of good news for traditional banks is…
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