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Young adults twice as likely to bank with a tech company: survey

Young adults are nearly twice as likely as people 55 or older to consider switching to a branchless bank and to consider banking with major tech company if it offered financial services, according to a new survey by Accenture.

The survey found 39 percent of 18- to 34-year-old bank customers would consider switching to a branchless bank, compared with 29 percent of people 35 to 55 years old and 16 percent of people 55 or older.

Overall, 72 percent of consumers between 18 and 34 years old said they would be “likely” or “very likely” to bank with a tech company, teleom, retailer or shipping/postal company they already do business with if banking services were available.

“Tomorrow’s consumer is coming of age with a very different perception of what a bank could be,” said Wayne Busch, managing director of Accenture’s North America Banking practice. “Those expectations could become profoundly disruptive to banks if non-bank entrants gain momentum and banks fail to adapt quickly.”

Accenture’s “Digital Disruption in Banking” report is based on phone surveys of 3,846 bank customers in North America between March 10 and March 18, 2014. About 70 percent of respondents were in the U.S.