Channels (or customer access points) have nothing to do with consumers’ decisions to do business with a so-called digital bank. They’re looking for better tools, rates, and/or rewards. As a result, they “accessorize” their primary checking account with ancillary, or secondary, accounts from providers who can give them those things. Those providers just happen to be called digital banks.
The debate over the potential vitality of the branch network is nonsense. Even though many Millennials still cite branch location as an important factor in making their selection of their primary checking account, they do so because too many banks’ digital delivery capabilities aren’t good enough.
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