Part II: Americans' Banking Habits & Financial Needs 

BIG BANKS ARE MOST PREVALENT

  • 36% of Americans use a big national bank
  • 19% of Americans use a local credit union
  • 17% of Americans use a regional bank
  • 15% of Americans use a local community bank
  • 4% of Americans use an online-only bank

MEETING AMERICANS’ FINANCIAL NEEDS

  • 73% of Americans who have a bank say they trust that their bank knows what financial products and services to recommend to best meet their personal needs.
  • 45% of Americans who have a bank say they look to their bank for financial advice or guidance.
  • 34% of Americans who have a bank say they wish their bank better anticipated their financial needs and offered them more timely advice.
  • Those with a local credit union (51%) and those with a big national bank (50%) are significantly more likely to look to their financial institution for financial advice / guidance than those with a local community bank (37%) and those with a regional bank (42%).
  • 38% of those with a big national bank say they wish their bank better anticipated their financial needs and offered more timely advice, compared to 35% of those with regional banks, 30% of those with a local community bank and 28% of those with a local credit union.

OTHER DIFFERENCES AMONG SEGMENTS OF CONSUMERS WHO HAVE A BANK

  • Millennials are more interested in their bank better anticipating their financial needs and offering them timely advice than adults 45 and older; 45% vs. 27%, respectively.
  • Parents of children under 18 in their household are significantly more likely than those without to look to their bank for financial advice (53% vs. 42%) and wish their bank better anticipated their financial needs and offered more timely advice (45% vs. 30%).
  • Adults ages 45 and older are twice as likely as Millennials to choose a local community bank; 18% vs. 9%, respectively. 
  • Women are more likely than men to trust that their bank knows what financial products and services to recommend to best meet their personal needs: 75% vs. 69%.

*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. For complete survey methodology, including weighting variables, please contact Rachel.Oneill@segmint.com. 

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