Some big issues resonating with bank customers include:
- Free checking. The banking industry’s shift toward fee-for-checking programs has backfired in a big way. Banks are finding that consumers really will leave a bank if they’re charged for a savings or checking account. Whatever bank marketing types believe, U.S. banking consumers view free checking as a “primary banking need.”
- Convenience. Bank customers choose a financial institution largely for convenience. Now, banks are offering programs and services that emphasize “ease of use” for consumers. That includes online and …
- Mobile banking services. As smartphones proliferate, consumers are insisting that their banks develop a full range of mobile banking services. According to ach Power, 36% of financial consumers viewed mobile banking as an “essential product” last year, compared with 21% in 2011.
The study says that 10% of consumers changed their bank in the past year. Mostly, those departures were linked to higher fees (especially for fees on checking accounts), mediocre customer service, and accounting errors. So banks now have a better picture of what consumers want and expect from their financial institutions.
From the looks of things, banks are doing a moderately better job of meeting the needs of an increasingly demanding banking public.