Young banking customers are more interested in online banking than their older peers, according to a report from financial services consulting group Accenture.
Accenture found that young retail banking customers between the ages of 18 and 34 are nearly twice as likely to consider switching to a branchless, digital bank.
The report, released Tuesday, also found that young people are more interested in opening checking accounts with technology companies. Nearly 80% of young customers in the U.S. said they would consider banking with companies that currently do not offer banking services, including Square, Paypal or Apple.
"Tomorrow's customer is coming of age with a very different perception in what a bank could be," Wayne Busch, a managing director of Accenture's North American banking unit, said in a press release.
The study suggests that an openness to banking alternatives is driven, in part, by changes in expectations that consumers have for banking services. Over 70% of those surveyed said they see banking as defined by simple transactions, including bill pay services and account statements, rather than a personal relationship with a banker.
Yet while consumers expect less personal interaction, they are also demanding more personalized, digital assistance in managing their finances. A majority of young consumers want their bank to simplify the process of purchasing a car or a home, and would like to see their banks advise them along the way. Additionally, the nearly half of all respondents said they want their bank to provide real-time spending analysis.
The Accenture survey included 4,000 retail banking customers in the U.S. and Canada.