A new survey says that 9 to 5 isn’t “good enough” for businesses — Americans would rather have their businesses operate 24/7.
When it comes to local necessities, people want grocery stores (56%), pharmacies (54%) and even banks (24%) to be open 24 hours a day, according to the poll of 2,000 U.S. adults.
More than half (55%) use some local services that are only open during working hours, the most commonly used being banks (39%), post offices and distribution centres (38%), dentists (34%) and GPs (34%).
If they need to go to such a place, many will sacrifice a day of work, either by taking paid leave (31%) or unpaid leave (29%).
Additionally, half (53%) said they tend to place more importance on the location of their business than on the cost (35%) or convenience (34%) of the business location.
The study, commissioned by Chime in collaboration with the Financial Technology Association and conducted by Talker Research, found that banks in particular are difficult to access for the general public.
The average person visits a physical bank just twice a month, but their visit is influenced by the bank’s opening hours (36%), location (36%) and the cost of going to the bank (18%).
Nearly two-thirds (63%) say they find digital banking apps more convenient than in-person banking (28%), and on average, they use a digital banking or finance app four times a week.
More than half (59%) of digital finance users say using a bank or finance app gives them more control over their finances, and many prefer digital finance apps over physical banks because it saves time (66%) and allows them to avoid leaving their home (56%).
“You don’t need a physical bank branch to feel secure with your money, and while data shows that many Americans are choosing digital banking over traditional branches, it’s clear that access varies from person to person,” said Janelle Salenave, chief experience officer at Chime. “If your bank is in an inconvenient location or only open during work hours, there are better ways to manage your money, today and tomorrow.”
The survey also explored how comfortable Americans are with the concept of living in a “banking desert.”
Similar to the more commonly known “food desert,” a bank desert was defined as an area with more than 4,000 people that does not have a physical bank within a 10-mile radius.
Only 22% said they knew what it was, and 61% said they didn’t know.
Additionally, 57% of people said they have never lived in such a home or know someone who has lived in such a home, while 19% said they currently or have lived in such a home in the past.A further 6% claimed to know someone who currently or has lived in such a home in the past.
Nearly a quarter (23%) admitted that not having access to physical banks, such as in banking deserts, would have a major impact on how they manage their finances.
“Financial technology is a lifeline for people living in underbanked areas,” said Penny Lee, president and CEO of the Financial Technology Association. “Digital financial, or fintech, tools empower everyone, anywhere to manage, save, send and invest money with confidence.”
Top 7 places that should be open 24 hours a day
-Grocery stores – 56%
-Pharmacy – 54%
-Personal Physician – 29%
-Post Office – 24%
-Banks – 24%
-Dentists – 19%
-Automotive Shop/Mechanic – 18%
Research Methodology:
The random, double opt-in survey was conducted among 2,000 general American respondents from May 14 to May 20, 2024, on behalf of Chime and the Financial Technology Association, a market research firm. Talker Researchteam members are from the Market Research Association (MRS (European Society for Opinion Research) and ESOMAR (European Society for Public Opinion Research).
