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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
- One consumer in 8 (13%) has switched primary FI in the past two years
- Customer service and pricing appear to be U.S. consumers’ main reasons for selecting a new bank or credit union
- One-fifth report changing FIs simply because they moved
- When selecting a new bank, reputation and strength of the bank top the list of selection criteria
About the report
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.