How Consumers Are Now Deciding on Their Bank

How Consumers Are Now Deciding on Their Bank

May 22, 2019         Written By John H. Oldshue

Consumers are changing the way they pick a financial institution. According to a new report from Kasasa, 84% of Americans choose the products they want from a financial institution; then they look for a bank that offers those services.

The most common products consumers looked for in a bank were: ATM fee refunds (87%), physical branches (86%), digital banking (79%), credit cards (71%) and peer-to-peer transfers (63%).

Peer-to-peer (P2P) transfers have become increasingly popular among older generations. A study from earlier this year showed half of new P2P users were over the age of 45. In fact, 67% of Gen Xers and 74% of Baby Boomers said they used those services because they were offered by their financial institution.

Consumers want multi-functional financial institutions. More specifically, 87% of respondents said they expect their bank or credit union to serve several of their financial needs. This may include checking and savings, investing, credit cards, business banking, and more. The 2018 Consumer Poll revealed 85% of Americans expect all of their financial needs to be met through one banker, and 83% want to be advised on how to achieve their financial goals.



The information contained within this article was accurate as of May 22, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.


john-oldshue

About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.
View all posts by John H. Oldshue
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