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Older Americans Warm Up to Branchless Banking

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The pandemic has pushed older Americans toward digital banking, but there is still an enormous opportunity to move more of these consumers to the online channel. New research from Novantas finds that consumers who are 55 and older and are shopping for checking accounts are increasingly willing to consider a bank without branches. Those who have opened an account online favor desktops and laptops over mobile devices for the process and are typically satisfied with the process despite some challenges.

Digital Account Opening and Completion

Successfully opened account online
Unable to complete account opening process
Never opened account online

Only 16% of shoppers aged 55 and older have opened an account through digital channels.

Most of them began the process on a laptop or desktop.

0
72
%

Desktop/Laptop

0
7
%

Tablet

0
11
%

Smartphone

0
72
%

Desktop/Laptop

0
7
%

Tablet

0
11
%

Smartphone

Source: Novantas Customer Knowledge | FABB DAO Survey
Sample: FABB shoppers age 55+ (N=591), shoppers who opened digitally (N=111)

Digital Account Opening and Completion

Successfully opened account online
Unable to complete account opening process
Never opened account online

Only 16% of shoppers aged 55 and older have opened an account through digital channels.

Most of them began the process on a laptop or desktop.

0
72
%

Desktop/Laptop

0
7
%

Tablet

0
11
%

Smartphone

Source: Novantas Customer Knowledge | FABB DAO Survey
Sample: FABB shoppers age 55+ (N=591), shoppers who opened digitally (N=111)

At the same time, it is clear that these shoppers are warming up to branchless banks.

A bank without branches feels less legitimate

May
Jun
Jul
Aug
Sep

It is important for a bank to have a well-designed app

May
Jun
Jul
Aug
Sep

A bank without branches feels less legitimate

May
Jun
Jul
Aug
Sep

It is important for a bank to have a well-designed app

May
Jun
Jul
Aug
Sep

Source: Novantas Customer Knowledge | FABB DAO Survey
Sample: FABB shoppers age 55+ (N=591)

Of those shoppers who opened an account online, more than two-thirds had a good experience.

Digital Account Opening Experience

Very positive
Somewhat positive
Neither positive nor negative
Somewhat negative
Very negative

Other Accounts Opened Since Checking

Digital Account Opening Experience

Very positive
Somewhat positive
Neither positive nor negative
Somewhat negative
Very negative

Other Accounts Opened Since Checking

Source: Novantas Customer Knowledge | FABB DAO Survey
Sample: FABB shoppers age 55+ who opened digitally (N=111)

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