Part I: Customer Expectations for Banks

80% of bank customers expect their bank to provide them with information to help them make better financial decisions.

How much do you agree or disagree with the following statement about communications from your bank?

I expect my bank to provide me with information to help me make better financial decisions.

Summary of Strongly/Somewhat Agree (Base: Have a Bank; 2,065 responses)

Total Millennials (18-34) Male Female Parent of child under 18
80% 86% 79% 81% 86%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
81% 81% 77% 80% 85%

Only 28% of bank customers feel their bank provides them with information that helps them reach their personal financial goals and life events.

Is the following statement true for you?

My bank provides me with information that helps me reach my personal financial goals and life events (e.g., paying for college, buying an engagement ring, saving for a down payment on a new home, saving for a vacation, planning for retirement).

Summary of “Yes” (Base: Have a Bank; 2,065 responses)

Total Millennials (18-34) Male Female Parent of child under 18
28% 33% 31% 25% 39%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
26% 28% 30% 28% 29%

Nearly 1:4 (24%) of bank customers don’t have a good understanding of all of the diverse products and services their financial institution offers.

How much do you agree or disagree with the following statement about communications from your bank?

I have a good understanding of all of the diverse products and services my financial institution offers.

Summary of Strongly/Somewhat Disagree (Base: Have a Bank; 2,065 responses)

Total Millennials (18-34) Male Female Parent of child under 18
24% 32% 20% 27% 25%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
27% 22% 23% 23% 24%

52% of bank customers would rather have their bank proactively share information and offers relevant to their needs than research products on their own.

How much do you agree or disagree with the following statement about communications from your bank?

I would rather have my bank proactively share information and offers relevant to my needs than research products on my own (e.g., credit card offers, mortgage rate offers, auto loans).

Summary of Strongly/Somewhat Agree (Base: Have a Bank; 2,065 responses)

Total Millennials (18-34) Male Female Parent of child under 18
52% 62% 56% 49% 63%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
56% 50% 57% 49% 50%

44% of bank customers wouldn’t mind seeing online advertisements from their bank on webpages outside the bank’s website and mobile app.

How much do you agree or disagree with the following statement about communications from your bank?

I wouldn’t mind seeing online advertisements from my bank on webpages outside of my bank’s website and mobile app (e.g., banner ads, social media ads) if the offers were relevant to my financial goals.

Summary of Strongly/Somewhat Agree (Base: Have a Bank; 2,065 responses)

Total Millennials (18-34) Male Female Parent of child under 18
44% 59% 46% 42% 59%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
46% 45% 46% 43% 50%

28% of bank customers never see online advertisements from their bank outside of the bank’s website and mobile app.

Is the following statement true for you?

I never see online advertisements (e.g., banner ads, social media ads) from my bank outside of their company website and mobile app.

Summary of “Yes” (Base: Have a Bank; 2,065 responses)

Total Millennials (18-34) Male Female Parent of child under 18
28% 26% 25% 31% 21%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
35% 37% 34% 19% 20%

Only 11% of bank customers feel they receive too much communication from their bank trying to sell them different products and services.

Is the following statement true for you?

I receive too much communication from my bank trying to sell me different products and services.

Summary of “Yes” (Base: Have a Bank; 2,065 responses)

Total Millennials (18-34) Male Female Parent of child under 18
11% 14% 12% 10% 12%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
7% 8% 10% 16% 16%

64% of bank customers would rather take care of their banking needs online or through a mobile app than visiting their bank’s physical branch/office.

How much do you agree or disagree with the following statement about communications from your bank?

I would rather take care of my banking needs online or through a mobile app than visiting my bank’s physical branch/office.

Summary of Strongly/Somewhat Agree (Base: Have a Bank; 2,065 responses)

Total Millennials (18-34) Male Female Parent of child under 18
64% 80% 63% 65% 77%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
48% 66% 66% 67% 96%

89% of bank customers trust that their bank protects their personal information.

How much do you agree or disagree with the following statement about communications from your bank?

I trust my bank protects my personal information.

Summary of Strongly/Somewhat Agree (Base: Have a Bank; 2,065 responses)

Total Millennials (18-34) Male Female Parent of child under 18
89% 91% 88% 90% 90%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
92% 93% 91% 85% 92%

The most popular reason bank customers feel they receive too much communication from their bank is that they find it annoying.

Which of the following explain why you feel you receive too much communication from your bank trying to sell you different products and services?

(Base: Receive Too Much Communication from Bank Trying to Sell Different Products and Services; 234 responses)

  Total Millennials (18-34) Male Female Parent of child under 18
It is annoying 57% 59% 46% 69% 43%
I don’t want the products/ services they are offering me 53% 41% 42% 65% 41%
It doesn’t match what I need in my current situation 40% 42% 43% 37% 46%
It doesn’t apply to me 35% 29% 36% 33% 27%
I already have the products/services they are offering me 28% 21% 29% 26% 33%
Some other reason 1% 2% 1% 2% 1%
  Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
It is annoying 44% 52% 43% 63% 71%
I don’t want the products/ services they are offering me 32% 73% 48% 52% 63%
It doesn’t match what I need in my current situation 52% 47% 58% 35% 7%
It doesn’t apply to me 34% 37% 45% 33% 18%
I already have the products/services they are offering me 31% 19% 27% 26% 53%
Some other reason 3% 0% 0% 2% 0%
 

This survey was conducted online within the United States by Harris Poll on behalf of Segmint from March 23-27, 2017 among 2,201 U.S. adults ages 18 and older (2,065 have a bank). This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.

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