The majority of consumers (71 percent) find good credit card offerings important when choosing a financial institutions for everyday banking needs, according to a recent consumer survey by Austin, Texas-based Kasasa.
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, the study found. Consumers identified various bank offerings as very or somewhat important when choosing an institution for everyday banking needs, including: ATM fees refunds (87 percent), a physical presence (86 percent) and digital banking capabilities (79 percent).
Additionally, good credit card offers were 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 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 9 in 10 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.
“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.”
The December 2018 study was conducted online by The Harris Poll and garnered responses from more than 2,018 U.S. adults age 18 and older.