Why Well-Heeled Consumers Give Banks The Boot
Many banks and credit unions provide fat-cats with personal banking services that regular Joes don’t receive. So what makes affluent consumers switch?
Many banks and credit unions provide fat-cats with personal banking services that regular Joes don’t receive. So what makes affluent consumers switch?
If consumers hold a grudge against financial institutions for the Great Recession, think again. Big national banks are winning the word-of-mouth referral race.
Small institutions must promote surcharge-free ATM access to meet consumers’ demands, and should consider ATM fee rebates for high value customers.
A lucrative segment of consumers wants free checking and savings, but many banks are killing these services. Are they shooting themselves in the foot?
Seniors want online banking and bill pay, but the mobile channel is still reserved mostly for young whippersnappers.
Student checking accounts peak in late summer. Help students avoid fees and you can open more accounts before kids go back to school.
Over half of people shopping for a new bank only want ones within 5 miles. But, one segment doesn't care if they have to drive 50 miles.
Bank Transfer Day whipped consumers up into a mob, turning fees into a hot-button issue. But fees don't torque consumers like they once did.
You'd think that people with the lowest average balances are those who overdraw their accounts most often, but that's not the case.
A handful of small institutions offer “rewards” checking accounts, yet these accounts over-perform because consumers choose them more often.
Online shoppers perfer to open DDA accounts in traditional channels, but bad online experiences contribute to their multichannel behavior.
Financial marketers often assume Gen-Y is the most likely segment to open checking accounts online. Turns out that's not true, and here's why.
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Among consumers shopping around for a new checking relationship, those who still love checks opt for premium accounts.
It’s clear that without free checking products, big banks are pushing many mass market shoppers to other institutions.
Most national banks have killed free checking because people will pay fees for branch convenience. Are they setting the trend?
Many traditional financial institutions offer mobile peer-to-peer payment services, but do a poor job marketing it.
New tools and solutions could marginalize financial institutions if they don't figure out mobile point-of-sale payments before it's too late.
Banks offer expedited bill payment services through their online banking systems, but not their mobile banking apps?
Consumers actively searching for a new banking provider still feel strongly that branches are an essential component in their' switching calculus.
When switching their primary banking provider, only 8% of shoppers indicated they must have mobile check deposit.
Consumers are excluding online banks from consideration at an alarming rate. Will that trend continue into the next decade?
A combination of mobile banking and high fees and conspired to lower consumer demand for overdraft protection services.
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