Tuesday, March 28, 2023
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Americans cite branch availability as reason for bank choice

A recent survey of bank customers in eight countries found that roughly a quarter of respondents visit a bank branch at least once a month, with U.S. respondents the most likely to say that having a nearby branch is an important feature when choosing a bank. Systems software provider Epam polled 26,000 bank customers in eight countries, including 5,000 customers in the U.S. Thirty-eight percent of U.S. respondents said a nearby branch was important when choosing a bank, which was higher than the overall average of 32% and the highest among the nations surveyed.

Eighty-five percent of all respondents said they had visited a bank branch at least once during the past year, up slightly from 84% in similar survey in 2021. The main reasons for branch visits were making deposits (43%) and payments (22%). When asked why they visit branches, 35% of respondents cited face-to-face interactions, 32% said it was for services that can’t be accessed online and 26% said it was easier to do their banking in-person.

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