Part I: Personalized communications are a must

HOW DO BANKS MARKET TO CUSTOMERS TODAY?

  • Two thirds of Americans (67%) say that their bank delivers personalized messages to them when they are in need of a specific product or service.
  • More than half of Americans (57%) report they never see online advertisements from their bank outside of their company website and mobile app.

HOW DO CONSUMERS WANT TO RECEIVE INFORMATION FROM THEIR BANKS?

  • More than half of Americans (52%) say they are willing to see a personalized ad from their bank to help them reach their personal finance goals for life events (e.g., paying for college, buying an engagement ring, saving for a down payment on a new home).
  • Nearly half of Americans (49%) wouldn’t mind seeing online advertisements from their bank on webpages outside of their bank’s website and mobile app if the offers were relevant to their financial goals.

MILLENNIALS MORE OPEN TO PERSONALIZED ADVERTISING THAN THEIR OLDER COUNTERPARTS

  • 67% of Millennials say they are willing to see a personalized ad from their bank to help them reach their personal finance goals for life events, compared to only 42% of those 45 and older.
  • 63% of Millennials wouldn’t mind seeing online advertisements from their bank on webpages outside of their bank’s website and mobile app if the offers were relevant to their financial goals, compared to only 39% of those 45 and older.

PARENTS ARE MORE RECEPTIVE TO BANK MARKETING, TOO

  • Those with children in their household are significantly more likely than those without to be willing to see a personalized ad from their bank to help them reach their finance goals for life events (67% vs. 46%).

OTHER DIFFERENCES AMONG SEGMENTS OF CONSUMERS

  • Men are more likely than women to say that they wouldn’t mind seeing online ads from their bank on webpages outside of their bank’s website and mobile app if the offers were relevant to their financial goals: 52% vs. 46%.
  • Those who have a local community bank (69%) and a local credit union (72%) are significantly more likely than those with a regional bank (54%) or a big national bank (44%) to say they never see online ads from their bank outside of their bank’s website and mobile app.

*Millennials are defined as those between the ages of 18 and 34.

SURVEY METHODOLOGY
The survey was conducted online within the United States by Harris Poll on behalf of Segmint between July 5-7, 2016 among 2,038 adults ages 18+, among whom 1,930 have a bank.

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