Three quarters (74 per cent) of consumers aged over 55, and 57 per cent of low-income earners, never use mobile banking apps, according to Accenture.

The consultancy’s UK survey of 3,000 consumers also found that a quarter (26 per cent) of over 55 and low-income earning consumers said they never use online banking.

Given UK banks are making big investments in digital and branches continue to disappear from the High Street, the findings show a huge number of consumers could find themselves left behind.

Earlier this month, the Financial Conduct Authority warned that the speed of bank and ATM closures is leaving society’s most vulnerable people and communities at risk of financial exclusion.

This followed the findings of the Access to Cash Review, which stated that many on low incomes needing to pay a ‘poverty premium’ to withdraw the cash they need from pay-for ATMs.

To help combat this, Lloyds, NatWest and Barclays have teamed up to pilot the UK’s first shared banking hubs, helping support local cash and cheque deposits.

Branch visits remain low in 2018, with 10 per cent of UK consumers visiting the bank branch at least once a week, compared to nine per cent in 2016. Coming in below the national average, only seven per cent of consumers aged over 55 visited the branch at least once a week.

While many low income earners and over 55’s don’t currently use digital channels, there is appetite to, particularly among low income earners. This is reflected in the types of digital experiences these consumers would like to see replace the in-branch equivalent. For example, 56 per cent of low-income earners and almost half (48 per cent) of over 55’s say they would like to see digital payments replace doing this in the branch.

Half of low-income earners would welcome advice on the latest products and services via internet enabled chat or video to replace doing this in-branch.

When it comes to in-branch services that would appeal to them, almost 58 per cent of over 55’s and 55 per cent of low-income earners would find in-branch education sessions appealing to help them improve their digital skills.

Even younger consumers prefer visiting the branch for services like financial advice, with over a quarter (27 per cent) of consumers aged under 34 preferring advice in-person. When it comes to applying for a credit card or loan, younger consumers are split, with one fifth (21 per cent) preferring to do so at the branch, the same percentage preferring to do so online, and only 14 per cent preferring to do so via an app.

Peter Kirk, managing director for financial services at Accenture, commented: “Our research shows that low-income earners and those aged over 55 are using the branch less, but they’re not using digital channels either.

“There’s an opportunity for banks to plug the gap and adapt their engagement to ensure these consumers are not left behind in the digital revolution – consumers are not necessarily pining for bricks and mortar branches, but the people that work inside them to help them use digital channels.”

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