Part II: Customers want personalized communication from their bank

Even with all the information banks have about their customers, 64% of bank customers feel retail websites like Amazon, Zappos and Netflix know more about them than their bank does.

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

Retail websites (e.g., Amazon, Zappos, Netflix) know more about me from my shopping/consumption habits than my bank knows about me from my financial transactions.

Summary of Strongly/Somewhat Agree (2,065 responses)

Total Millennials (18-34) Male Female Parent of child under 18
64% 70% 67% 60% 74%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
60% 59% 64% 66% 83%

Most bank customers (54%) would be open to receiving marketing communications from their bank if the information was tailored for them and their financial needs.

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

I would be open to receiving marketing communications from my bank (e.g., ads on my bank’s mobile app, bank website, inserts into my statement) if the information was tailored for me and my financial needs.

Summary of Strongly/Somewhat Agree (2,065 responses)

Total Millennials (18-34) Male Female Parent of child under 18
54% 63% 60% 49% 70%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
56% 54% 62% 52% 61%

1:3 bank customers (33%) receives information from their bank that is irrelevant to them.

Is the following statement true for you?

I receive information from my bank that is irrelevant to me (e.g., online bill pay, credit card offers, mortgage or home equity offers, auto loans).

Summary of “Yes” (2,065 responses)

Total Millennials (18-34) Male Female Parent of child under 18
33% 32% 33% 34% 31%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
28% 31% 29% 41% 32%

One in three bank customers (34%) would be more likely to switch banks if they received personalized information about financial offers from a bank they do not currently use.

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

I would be more likely to switch banks if I received personalized information about financial offers from a bank I do not currently use (e.g., credit card offers, mortgage rate offers, auto loans).

Summary of Strongly/Somewhat Agree (2,065 responses)

Total Millennials (18-34) Male Female Parent of child under 18
34% 52% 39% 29% 53%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
33% 24% 33% 39% 49%

28% of bank customers wish they had more information from their bank about their mortgage options before they opened their first mortgage.

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

I wish I had more information from my bank about my mortgage options before I opened my first mortgage.

Summary of Strongly/Somewhat Agree (2,065 responses)

Total Millennials (18-34) Male Female Parent of child under 18
28% 36% 36% 21% 50%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
31% 23% 23% 30% 45%

Nearly 1:5 bank customers (16%) feel the communications they receive from their bank are annoying.

Which of the following organizations deliver the most annoying communications to you?

(i.e., unsolicited emails, ads, direct mail, etc. for products/services)

Credit card companies (e.g., Capital One, Visa, MasterCard)
Total Millennials (18-34) Male Female Parent of child under 18
53% 51% 54% 53% 51%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
61% 64% 51% 47% 53%
Cable companies (e.g., Comcast, Cox, Spectrum (formerly Time Warner)
Total Millennials (18-34) Male Female Parent of child under 18
39% 36% 36% 42% 33%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
39% 45% 34% 39% 35%
Phone service providers (e.g., Verizon, AT&T, T-Mobile)
Total Millennials (18-34) Male Female Parent of child under 18
36% 30% 35% 37% 31%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
33% 34% 38% 40% 25%
Retail stores (e.g., JC Penny, Target, Best Buy)
Total Millennials (18-34) Male Female Parent of child under 18
20% 24% 20% 21% 26%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
19% 15% 21% 22% 41%
Banks (e.g., Wells Fargo, Citigroup, Bank of America)
Total Millennials (18-34) Male Female Parent of child under 18
16% 18% 19% 12% 18%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
16% 18% 10% 16% 26%
Other
Total Millennials (18-34) Male Female Parent of child under 18
6% 4% 6% 5% 3%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
8% 3% 5% 6% 8%
None
Total Millennials (18-34) Male Female Parent of child under 18
12% 11% 13% 10% 14%
Local Community Bank Local Credit Union Regional Bank Big National Bank Online Only Bank
8% 6% 13% 14% 12%
 

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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