Topic: Channel Shopping Preferences
Bank Shopper Snapshot Survey Volume 3
We fielded a survey on FindABetterBank.com from October 23 – November 7, 2012 and received 2,754 completed responses. The survey asked a series of attitudinal questions about how important bank branches are when considering a new banking relationship. We found generalizations that younger consumers don’t care about bank branches and older consumers prefer branch banking are not clear-cut:
- 58% of respondents under 30 wouldn’t consider opening an account at a bank without a branch nearby;
- 64% of respondents 50 or older can imagine a time when they’ll do all their banking virtually;
- When organizing respondents based on their attitudes about branches, age did not correlate with any specific group. However, banking using multiple channels did correlate with attitudes about branches.
About This Report
Authors: Rob Rubin
Published: January 2013
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How We Gather People Shopping for New Banking Relationships
Novarica operates a consumer website, FindABetterBank.com, to help people identify which bank or credit union suits them best based on convenience, feature preferences and banking behavior. As users go through the comparison tool, we record their location, feature preferences, banking behavior and which accounts they ‘selected' from their search results. Additional surveys are incorporated into the comparison tool to capture responses to our Shopper Insights surveys.