Rochester, Michigan – June 23, 2020
For many years, large national and regional banks have had the unfair advantage of information that understood the mind of the banking customer. The outcome – better operational process, better training, greater brand loyalty and more effective marketing strategies.
Now the tide is turning – local banks and credit unions can compete on a level playing field with this new report as a guidebook. We have surveyed over 10,000 banking customers and credit union members in 48 markets to find out what is really going on in the world of banking from the customer/member’s point of view.
So, for a fraction of what a study like this would cost; since it is syndicated, this report spells out: where people bank and how they choose their banking relationship. Bank customer and credit union member expectations and satisfaction. And then – what specific product and service improvements best improve overall customer/member satisfaction scores. Top that off with the measurement of the payoffs for improving satisfaction. Wow.
Here are a few fun facts –
- Millennials and Generation Z are 50% more likely to pick a community bank than their older counterparts – Generation X and Baby Boomers. But these banks are not satisfying their customers as well as large banks and credit unions which make them vulnerable to the competition. It’s a powder keg.
- In our new digital age – 7 out of 10 bank customers and credit union members expect a face to face experience – mobile, online and ATM transactions are a supplement not a replacement for convenient branch locations. Sure, things are changing – but slowly. And it is Millennials (not Generation Z) who most want mobile banking and for a reason, we’ll bet you never thought of.
- Customer grumbling about fees does not necessarily mean the answer is to lower fees – the overall value of the banking relationship matters and “fair fees” is as much a matter of providing and excellent banking experiences as it is lowering fees or increasing interest rates
Foresight Research (a Michigan marketing research company) a leader in syndicated market research has been solving marketing problems since 1998. Give us a call, we will set up a webinar for you.