Conducted from February to March 2022, the Bankdash survey reveals surprising results on the habits and financial preferences of consumers in the United States
Although the world is becoming increasingly digital, when it comes to financial services, some aspects of the traditional way of doing things are unlikely to change. According to a new study by Bankdash.com which surveyed more than 1,000 people in the United States, 65% of consumers said it was important or very important to them to have a physical branch for their bank or credit union. This despite the fact that digital penetration is already at a very high level. Specifically, survey results indicate that 75% of consumers already choose to check their account balance online and 65% of consumers choose to pay their bills online.
“While digital adoption has clearly increased over the years and is at a high level for financial services, the survey results clearly indicate that a significant percentage of bank and credit union customers continue to ‘enjoy having branches,’ said Steve Wilson, editor of Bankdash. com.
“Importantly, when we looked at responses across all age groups, the result was essentially the same with 56% and 58% of Gen Z and Millennials, respectively, indicating that it was important to have branches. These results suggest that drastically reducing or removing branches could actually be disadvantageous for banks and credit unions,” he added.
The survey was conducted to broadly investigate the financial habits and preferences of consumers in the United States, including differences between bank and credit union customers. Other survey findings include:
– 75% of consumers use a bank for their main financial services while 25% use a credit union.
– 87% of consumers visit a bank branch or credit union at least once a year. 48% of consumers visit a bank or credit union 5 or more times a year.
– The 3 most important criteria for consumers when choosing a bank or credit union are customer service, fee transparency and technological capability. A close fourth is interest rates on commodities.
– Credit union customers are on average more satisfied with and trust their credit unions than bank customers are with their banks.
– The younger generation is much more likely to pay avoidable account fees. For example, survey results showed that millennials are responsible for a disproportionate amount of NSF fees that are charged despite having lower income and savings than older adults.
This survey was conducted from February to March 2022. For more details, visit: www.bankdash.com
Bankdash.com is a personal finance news and research publication dedicated to helping its visitors improve their understanding of everyday personal finance products and the institutions that offer these products. The site publishes news, research and ratings about banks, credit unions and the many financial services and products they offer. Start improving your knowledge of your financial options by visiting www.bankdash.com.