Over half of customers would not mind if their local bank branch closed, while 56 per cent felt that the level of customer service on personal finance apps is the same as in-person.

This is according to research conducted in September by Google Consumer Surveys and Webpals Finance, based on a representative sample of more than 500 US adults.

The performance marketing company found that Millennials are less likely to visit their bank branch in person than any other age group, with nearly three quarters having not visited their local branch in the last three months or longer.

Almost half of Generation Z respondents said that the last time they visited their branch was also their first - when they opened an account - indicating a new world of digital-first banking.

“What we are seeing today is a major cross-industry trend towards digitalisation, and banking is no exception,” said Inbal Lavi, chief executive of Webpals Group. “Insights from the survey indicate banking customers are moving towards online and mobile platforms to conduct financial transactions and to monitor their wealth and savings.”

The survey also revealed that bricks and mortar bank branches are less relevant to young adults, with 34 per cent of Gen Z respondents being indifferent to their local bank branch closing, as they are mainly banking digitally.

While 72 per cent of those surveyed used a personal finance app within the last week, two thirds have not visited their bank branch within the past month.

Only 28 per cent of all respondents would not change their bank if their local branch closed, marking a decline in bank loyalty among consumers.

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