Who needs a bank branch: Maybe they should be for over 30's only

Nov 18, 2013
Posted by: David

We often read about banks banks cutting back on branches and now new research shows they could be right after all 50% of UK 18-30 year old's do not know where their local bank branch is and one sixth have never visited their bank. A further third of the 1,722 respondents only knew vaguely where their local branch was - Vouchercloud

No surprise then that 57% said their main method of banking was online and only 13% of young people questioned said using their local branch was their main method of banking.

So are the banks right, well hang on here who has the money to invest, who has the greatest demand for mortgages and more complex financial products. I would argue it is not your 18 - 30 but your 30+ group, those with money, maybe starting families etc. Thus one could argue that simply put design bank branches for 30+ people.

Of course it could be argued conversely that people who grow up doing everything mobile and online will continue to do so, but I would challenge that in that as you start to get to more complex financial products then the need to meet someone face to face grows and thus what I read from this research is bank branches should just be designed for the over 30's.