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Data for this episode of Truth In Data provided by Mercator Advisory Group’s report – Omnichannel and Branch Banking: The Current U.S. Consumer Banking Environment
- On average, 84% of consumers are satisfied with their banks’ services
- Only about 1 in 8 consumers switched banks in the last 2 years
- Only 1 in 3 consumers express interest in hearing about new banking products
- On a scale where 100 is average; consumer’s primary bank scores a 235 in Brand Trust. Next best is Visa at 159
- Most consumers aren’t interested in financial products delivered by tech companies – Paypal leads with 44% interest, Facebook has 11%
- Moreover, consumer’s loyalty to their bank increases after using its mobile app
About this report
Mercator Advisory Group’s most recent Insight Summary Report, Omnichannel and Branch Banking: The Current U.S. Consumer Banking Environment, reveals that U.S. customers are highly satisfied with their banking relationship and comfortable with their current primary bank or credit union. The report is from the Banking and Channels Survey in the bi-annual CustomerMonitor Survey Series, a part of Mercator’s Primary Data Service. It is based on findings from Mercator Advisory Group’s CustomerMonitor Survey Series online survey of 3,000 U.S. adult consumers in November 2018.
The survey also found that only about 1 in 3 consumers want to be contacted by their financial institution (FI) about new products and services. This necessitates that FIs be very strategic in the way they cross-sell and up-sell to their customers
While the incidence of opening an account digitally is moderate (28%), satisfaction with the digital account opening process is very high (approx. 85%).
The report, Omnichannel and Branch Banking: The Current U.S. Consumer Banking Environment, shows that consumers are resolute in their determination not to pay ATM fees. More than 7 in 10 report that they actively try to avoid paying a fee when they withdraw money from an ATM. Further, about one-third only use an ATM for cash withdrawal.
Although only about one-third of consumers use mobile banking, those who do are quite satisfied with the experience. Inertia and security concerns are barriers to mobile banking adoption
“Banks need to show consumers value beyond dollars and convenience. And this needs to be balanced with security and safety,” states the author of the report, Pete Reville, Director of Primary Data Services including CustomerMonitor Survey Series at Mercator Advisory Group.