The release of a new UK banking and payments industry report has revealed how consumer habits have changed since 2014. The research was carried out by Compass Plus, an international provider of retail banking and electronic payments software to processors and financial institutions, which uncovered how the generational age gap in banking habits has gradually closed in recent years.
Rewind to 2014 and the preferred banking method for the majority of over 60s (46%) was to visit a branch. In 2021, this has now seismically shifted, with the analysis revealing that 50% of over 60s prefer to use Internet banking as their primary banking method, compared to just 9% in 2014. 33% of over 60s now also turn to their mobile devices for everyday banking, whereas in previous years, it was only the younger age groups who led the way in using such technology for banking.
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