Think you know how
American consumers bank?
Test your knowledge.
Although megabanks and neo-banks have continued to gobble up deposit share, simply following dollar signs won’t tell you the full story. The Harris Poll on behalf of Kasasa asked Americans about their perceptions of and preferences for financial institutions. The results give some important clues about how community financial institutions (CFIs) can earn back the trust and deposits of the American people
See how well you can guess the average response to these questions. (Get within ±5% of the real answer and we'll consider it "correct").
Commissioned by Kasasa and conducted online by The Harris Poll from December 18-20, 2018 among 2,018 U.S. adults ages 18+.
Megabank mistakes
What percentage of Americans admit to feelings of anger towards megabanks due to their recent misconduct?
Correct! 69%
Hard to imagine how anyone, let alone nearly one-third of Americans, could give megabanks a pass for their bad behavior. Fortunately for CFIs, the majority maintains some righteous anger.
Whoops!
The correct answer was 69%
Hard to imagine how anyone, let alone nearly one-third of Americans, could give megabanks a pass for their bad behavior. Fortunately for CFIs, the majority maintains some righteous anger.
Where do they bank?
What percentage of Americans have an account with a community bank or credit union?
You got it! 43%
Woohoo! Nearly half of Americans are keeping their money local in some measure. Wouldn’t it be great if you could become their primary financial institution as well?
Not quite!
The correct answer was 43%
Woohoo! Nearly half of Americans are keeping their money local in some measure. Wouldn’t it be great if you could become their primary financial institution as well?
The underbanked
What percentage of Americans don’t have a bank account of any kind?
Nice job! 7%
You might wonder if Gen Z (age 18-23) skewed this average, but at 9% that is not so. Even Boomers (age 54-74) responded at 6%. This group of people is waiting for an institution to give them a reason to open an account. What are you doing to court their attention and dollars?
Sorry about that.
Something more in the neighborhood of 7%
You might wonder if Gen Z (age 18-23) skewed this average, but at 9% that is not so. Even Boomers (age 54-74) responded at 6%. This group of people is waiting for an institution to give them a reason to open an account. What are you doing to court their attention and dollars?
Technology matters
What percentage of Americans wouldn’t consider opening a new account with a community bank or credit union because of a lack of up-to-date technology (e.g. mobile/online banking capabilities)?
That's it! 22%
Good to hear most people are still interested in banking local! As for the rest, this is a perception you can change with the right retail and marketing strategy.
Not so much.
22% is more like it.
Good to hear most people are still interested in banking local! As for the rest, this is a perception you can change with the right retail and marketing strategy.
Recommendation nation
What percentage of Americans would be more likely to open a new account at a financial institution if someone they know recommends it?
Boom! 77%
If you can deliver memorable customer service, cutting edge products, and a seamless experience, then you can also earn word-of-mouth marketing. Consider offering referral incentives to existing account holders to encourage the right behavior.
Hmm, not exactly.
77% is the correct answer.
If you can deliver memorable customer service, cutting edge products, and a seamless experience, then you can also earn word-of-mouth marketing. Consider offering referral incentives to existing account holders to encourage the right behavior.
Unpleasant surprises
What percentage of Americans believe that megabanks are more likely than local financial institutions to charge hidden fees?
36% is the right answer!
Fee transparency is a key factor when trying to earn consumer trust. Hidden fees are not your friend.
Try again.
36% believe this.
Fee transparency is a key factor when trying to earn consumer trust. Hidden fees are not your friend.
All things equal
What percentage of Americans would choose a local financial institution over a national megabank if they had equal banking products?
75%, that's what percentage!
Your future is in your hands. By offering the right mix of products and convenient services, you can overcome a major objection that consumers have.
Not quite.
75% is correct.
Your future is in your hands. By offering the right mix of products and convenient services, you can overcome a major objection that consumers have.
The family that banks together
Of those who have a financial institution, what generation is most likely to choose their financial institution because their family banks there?
(Pick one)
Nice job! You answered 0/8 correctly.
There are some concrete steps that CFIs can take to earn fair consideration from Americans. If you’re going to win the war for consumer dollars, you need to let them know that you have the products, technology, and convenient services they’re looking for. Alternately, if your retail experience falls short of the competition, now is the time to start upgrading and building a strategy so you can Take Back Banking!
Commissioned by Kasasa and conducted online by The Harris Poll from December 18-20, 2018 among 2,018 U.S. adults ages 18+.