Inertia the principal pillar in banking
Fifty per cent of adults "have always been with the bank they first opened an account with," a survey by Colmar Brunton of 6000 people for Canstar Blue has found. And bank customers like to visit their bank's branches, mainly to make deposits or withdrawals. In findings that emphasise a nostalgic turn in the approach of the mass market to retail banks, Canstar Blue found that 74 per cent of respondents "have stepped foot inside their local bank in the last 12 months," Megan Doyle, head of Canstar Blue said. About the same number, 76 per cent, said they would be disappointed if their local branch closed, while 56 per cent "believe their local bank closing would make life more difficult for them." The Canstar Blue survey found that depositing or withdrawing cash is the main reason consumers continue to visit their physical bank branch. Almost two-thirds of respondents, 64 per cent, cited this as a reason for their last visit to a bank, followed by enquiring or applying for a financial product (21 per cent) and enquires about international transactions (10 per cent). Doyle said 57 per cent of those surveyed "have another financial product with the institution they use for everyday banking purposes. "Just 17 per cent of customers said they would like to switch banks."