Key Takeaways: What Matters Most in Selecting a New Bank

4 Key Takeaways for Financial Marketers from The Financial Brand’s article “The 4 Things That Matter Most to Consumers In Selecting a New Bank” by CPG’s Mark Gibson and Market Street Research’s Stephanie Gonthier

  1. Don’t Give Up on Branches. While some banks have performed the swan song for their branch networks, this study suggests the funeral is premature.
  2. Consumers hate fees, especially for ATMs. Consumers of all ages and incomes choose their new institution based on the level and fairness of fees. For instance, ATM fees are irritating to many consumers because it doesn’t seem fair to pay money to access their own money. Spending time understanding what consumers are willing — and not willing — to pay to receive value can go the extra mile to winning more than your fair share of the checking market.
  3. Don’t oversell deposit rate. The truth is, bankers think about rates a lot more than most consumers do. Pay a fair rate, and put some of the savings toward reducing fees.
  4. Make it easy to solve problems. Consumers are harried today, running from family to work to errands and trying to fit in some fitness or relaxation as well. Take a hard look at your policies, procedures and processes to make it fast and easy to resolve problems. Give your customers the “gift of time” and they will return the favor by staying with you and telling their friends.