Survey: U.S. Banks Earn Top Marks Globally, But Have Opportunity to Better Reach Younger Consumers
Consumers with bank accounts are four times more likely to use mobile apps from their primary financial institutions than from other sources, according to an FIS survey. That finding and more in research released today paint a picture of what banks can do to gain more customers.
The FIS report, “Performance Against Customer Expectations,” found that as many as 60 percent of U.S. consumers with bank accounts will turn first to their primary financial institutions for advice and loans. The remainder represent an opportunity for banks if they can figure out how to best capture consumer segments. For instance, while 50 percent of all banked consumers prefer meeting financial advisers personally, 25 percent of millennial consumers are “receptive to online financial coaching,” with another 25 percent of those young potential customers open to the idea of “robo-advising.” Part of that stems from time: 25 percent of millennials said they are too busy to visit bank branches often.
Overall, FIS found that 79 percent of all banked consumers have no form of financial adviser. For advice about how to invest money, 13 percent of millennials support sharing such ideas via social media, with 15 percent of generation Xers and 10 percent of baby boomers saying the same thing.
Consumers are ready to go even more mobile when it comes to banking, with 50 percent of smartphone and tablet owners desiring “at least one personal management benefit they would like their bank to provide via mobile app.” In fact, millennials make nearly twice as many mobile transactions as do generation X consumers or baby boomers, the report said.
The survey results also reveal how U.S. banks compare with their counterparts in other countries, using a 100-point scale. U.S. banks achieved a score of 86, the same as last year, putting them seven points higher than the global average. German banks, at 87, beat U.S. financial institutions in consumer perception, while Switzerland, 83, and Canada and the U.K., both at 83, trailed.