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Consumers find digital-savvy banks more trustworthy

The survey findings come from The Balancing Act: U.S. Bank 2015 Outlook on People and Technology, which the bank said uncovered some surprising facts about how consumers expect to use financial services in the future.

Published

Nov. 18, 2015

Approximately 70 percent of consumers across all generations (85 percent of millennials) believe that banks current with the latest technology are more trustworthy than banks that lag, according to a new report from U.S. Bank. 

But the report also revealed that nearly 4 out of 5 Americans say when it matters most, they value people more.

Conducted in October 2015, the U.S. Bank survey polled more than 1,000 adults age 18 and older in the United States to better understand consumer attitudes and behaviors toward emerging banking technologies, and that the survey compares differences across gender, geography, and generation.

The findings come from The Balancing Act: U.S. Bank 2015 Outlook on People and Technology, which the bank said uncovered some surprising facts about how consumers expect to use financial services in the future.

"American consumers want more from their banks than apps — they want advocates," said Gareth Gaston, executive vice president of omnichannel at U.S. Bank. "Everything we do at U.S. Bank is guided by a relationship-first philosophy. Our role in that relationship is to discover what's possible for our customers, combine it with what they are aspiring to and guide them along the way."

There is a rapid decline in some traditional banking methods, according to the U.S. Bank survey. Specifically, 29 percent of millennials report that they have never written a check, compared with just 16 percent of Gen X and 13 percent of Baby Boomers. Despite the decline in paper checks, the survey also found that people are not in favor of completely digitizing personal engagement. Almost two-thirds (63 percent) of Americans believe they will never make all of their financial transactions digitally.

The survey also offers insights into consumer behavior across geographies and gender. A sampling includes:

  • Going paperless — West Coast (21 percent) vs. East Coast (15 percent) have never written a check.
  • Going completely digital — female (69 percent) vs. male (55 percent) will never make all transactions digitally.
  • Trust in Bankers — millennials (19 percent) vs. boomers (10 percent) bank at branches because they have a relationship with a banker they trust.