One in Five Consumers Unhappy, Indifferent About Bank, but 70 Percent of Americans Have Never Switched
AUSTIN, TX -- (Marketwired) -- Jun 15, 2015 -- Six in 10 U.S. adults who have never switched banks (61 percent) believe switching banks would be at least somewhat difficult, but of those who have switched, 8 in 10 (81 percent) say it wasn't difficult at all, according to a new study.
The 2015 Consumer Banking Insights Study -- commissioned by BancVue on behalf of nearly 300 community financial institutions (CFIs) offering its Kasasa® brand of checking accounts -- found that just 19 percent of Americans who have switched banks say it was at least somewhat difficult. The study was conducted online in January by Harris Poll among more than 1,000 U.S. adults.
Americans seem to be enticed by better products and higher interest rates. Of consumers who have switched banks, 25 percent said they did so because they were dissatisfied with the products the bank offered. Nearly half of Americans (45 percent) would switch banks to earn higher interest rates.
The misconception of how difficult it is to switch banks may explain why more than 1 in 5 consumers* (21 percent) say they have negative or indifferent feelings toward their bank, yet fully 70 percent of U.S. adults have never switched banks.
Millennials, in particular, overestimate the difficulty of switching banks. Among those ages 18 to 34 who have not switched banks, 69 percent believe it is at least somewhat difficult to switch banks, compared to just 54 percent of Americans ages 55 and up who have not switched banks.
"There's no reason for Americans to stick with a bank that isn't serving their needs," said Gabe Krajicek, CEO behind Kasasa. "Switching banks isn't nearly as hard as people think it is, and the long-term benefits of finding the right institution far outweigh the short-term hassles of moving."
About the 2015 Consumer Banking Insights
Nearly 300 community financial institutions offering BancVue's Kasasa brand of checking accounts teamed up to commission the 2015 Consumer Banking Insights Study. The study was conducted online by Harris Poll from January 5-9, 2015. The study polled 1,002 U.S. adults ages 18 and up to gauge their banking and checking preferences, feelings and behaviors.
Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them in line with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents' propensity to be online.
* "Consumers" are defined as U.S. adults ages 18 and up who have a checking account at a financial institution.
Kasasa is a national brand of free rewards checking accounts offered exclusively at community financial institutions. Kasasa accounts are always free, have no minimum balance, and offer nationwide ATM fee refunds. Kasasa accounts also reward consumers with incentives including earning high interest, cash back, automatic savings, or digital downloads from iTunes® and Amazon®. Kasasa is currently offered at more than 300 community banks and credit unions and more than 1,800 branches, making it the 7th largest branch network in the nation. Kasasa marries innovative products with the personal touch of local banking. For more information, visit www.Kasasa.com.
Katie Weathers Kweathers@csg-pr.com 404-791-8245
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