Almost 56% of millennials would switch from their current bank for an account that did not automatically pay overdraft items for a fee. Also, while online banking is the preferred money management channel for all segments analyzed, millennials are three times as likely to report that mobile is their preferred channel.
Saylent says results of a study it conducted with Informa Research Services also found 54% of underbanked consumers would switch from alternative financial service providers to a bank offering a product with no overdraft fees. Nearly 25% would pay between $10-20 per month for this account.
Mass market consumers show a large variance in how they prefer to bank with 52% prefer to use their debit card as their primary account access channel; however, 48% prefer some combination of checks and cash. But, 70% of consumers would enroll in eStatements for a cash reward or preferential interest rate. About 74% would enroll in ACH direct deposit or draft payment plan
Just over 50% of mass affluent consumers indicated they will be in the market for a CD in the next six to 12 months. However, only 27% of these consumers indicated that their liquid savings are currently in CDs.
Finally, over 70% began their relationship with their bank based on a loan or line product, and 97% of respondents were satisfied with their banking relationship. However, 71% would consider switching to a bank that helped them save time and money.
For data, background and forecasts on the Banking Preferences: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).