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+.
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.
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.
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?
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?
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?
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?
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.
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.
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.
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.
Fee transparency is a key factor when trying to earn consumer trust. Hidden fees are not your friend.
Fee transparency is a key factor when trying to earn consumer trust. Hidden fees are not your friend.
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.
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.
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+.