-
More than 4 in 5 Americans (84%) say when it comes to choosing a
financial institution they would first determine what products and
services they want then look for an institution that offers them -
87% of consumers say ATM fee refunds/no ATM fees are important when
choosing an FI for everyday banking needs - 86% of consumers say a physical branch presence is important
- 79% of consumers say digital banking capabilities are important
- 63% of consumers say P2P payment options are important
AUSTIN, Texas–(BUSINESS WIRE)–A recent consumer study by Kasasa®
revealed that 71 percent of consumers find good credit card offerings
important when choosing a financial institution for everyday banking
needs. The December 2018 study was conducted online by The Harris Poll
and garnered responses from more than 2,018 U.S. adults ages 18 and
older.
Kasasa’s latest study also revealed that more than four in five
Americans (84 percent) determine the products and services they want
from a financial institution first, and then look for an institution
that offers them. Consumers identified various bank offerings as very or
somewhat important when choosing an institution for everyday banking
needs, including: ATM fee refunds (87 percent); a physical branch
presence (86 percent); and digital banking capabilities (79 percent).
Additionally, good credit card offers was cited by a strong majority
among the many banking necessities valued by consumers, with 71 percent
citing it as imperative when choosing a financial institution. Another
valued significant factor is peer-to-peer (P2P) payments, with 63
percent of consumers citing this feature as important.
These findings underscore the importance of offering the right products
and services to attract today’s consumers. In fact, nearly nine in ten
Americans with a primary financial institution (87 percent) say it is
important to them that their bank or credit union is able to serve more
than just one of their financial needs. While good credit card
offerings, a physical branch presence and digital banking capabilities
(among many others) are important, consumers expect a variety of
products that can satisfy more than one need.
Kasasa is committed to helping community financial institutions (CFI)
diversify their offerings in a way that appeals to current and
prospective customers and members. Known for reinventing checking,
Kasasa helps CFIs meet consumer needs through innovative products that
deliver disruptively good value. Its free, rewards-based checking
and savings accounts require no minimum balance and enable CFIs to
increase noninterest income, reduce overall expenses and compete with
megabanks.
Compared to standard free checking, Kasasa accounts deliver 50 percent
more accounts in the first year, up to two times annual profit per
account and 45 percent more non-interest income. As consumers weigh
their decision heavily on credit card offers, CFIs may consider a unique
checking option. In addition to providing ATM fee refunds, Kasasa
accounts also issue rewards by way of interest, cash back, and Amazon®,
iTunes® and Google Play® credits, with total rewards to date reaching
over $505 million.
“As the fight for deposits rises, it is crucial that community financial
institutions understand what consumers look for when shopping for a bank
or credit union,” said Gabe Krajicek, CEO of Kasasa. “The majority of
consumers make decisions based on the products and services offered –
with credit card offers, ATM fee refunds, physical branch locations,
digital banking capabilities and P2P payments all ranking extremely high
in importance. This means financial institutions must evaluate their
existing offering and ensure they are meeting consumer demand.
Otherwise, they will lose out to megabanks.”
About Kasasa
Based in Austin, Texas with 450 employees,
Kasasa® is a financial technology and marketing provider committed to
driving results for more than 900 community financial institutions by
attracting, engaging, and retaining consumers. Kasasa does this through
branded retail products, world class marketing, and expert consulting.
For more information, please visit www.kasasa.com,
or visit them on Twitter, Facebook,
or LinkedIn.
Survey Method:
This survey was conducted online within the
United States by The Harris Poll on behalf of Kasasa from
December 18-20, 2018 among 2,018 U.S. adults ages 18 and older. This
online survey is not based on a probability sample and therefore no
estimate of theoretical sampling error can be calculated. For complete
survey methodology, including weighting variables and subgroup sample
sizes, please contact Mary York, VP, William Mills Agency, at [email protected].
Contacts
Megan McKinstry
678-781-7237
[email protected]
