When consumers look for new a bank, they consistently pick institutions with branch and ATM locations near where they work or live.
Are reloadable debit cards a viable alternative to checking accounts? Or are they a solution for the unbanked? Here's what the data says.
The banking industry is losing its stranglehold on consumers’ cash management tools, and mobile P2P payments are one of the key battles.
48% of consumers looking for a new checking account eliminate at least one institution. Why? Four out of five cite a previous bad experience.
44% of all shoppers looking for a new checking account want email alerts. The pickier the shopper, the more they want email alerts.
Fee sensitive shoppers choose small financial institutions, while big banks are winning the word-of-mouth referral race.
The banking industry usually segments based on income, but age is a better predictor of checking account choices, behaviors and profitability.
Financial shoppers that aren't particularly interested in any specific account features are most likely to choose a regional bank.
Reloadable debit cards are an alternative for those consumers who don't write checks.