News

Study measures consumer loyalty to banks, use of mobile, ATM channels

March 29, 2019

A new report by Mercator Advisory Group offers a look at consumer satisfaction with banking services. Omnichannel and Branch Banking: The Current U.S. Consumer Banking Environment reports that:

• Eighty-four percent of consumers are satisfied with their bank's services.
• Only 1 in 8 consumers polled have switched banks in the last two years.
• Most consumers aren’t interested in financial products from by tech companies. Among those who are, PayPal leads with 44 percent interest.

In terms of what customers want from their bank, the report indicates that:

• Consumers' loyalty to their bank increases after they use its mobile app; only about one-third use the channel, but those who do are highly satisfied with the experience.
• Seven in 10 survey respondents said they actively try to avoid paying ATM; approximately one-third use ATMs only for cash withdrawal.

The report is from the Banking and Channels Survey in the bi-annual CustomerMonitor Survey Series, a part of Mercator’s Primary Data Service. It is based on findings from Mercator Advisory Group’s CustomerMonitor Survey Series online survey of 3,000 U.S. adult consumers in November 2018.