Banks Still Have Their Devoted Fans

Contrary to the widely held belief that banks have hit an all-time low in their approval ratings, more than half of consumers surveyed by TD Bank say they are committed to their bank.

Furthermore, nearly two-thirds feel valued by them, according to the survey. Of those polled, 57% attribute helpful staff and personal service to feeling valued. Moreover, the majority of consumers cite positive customer service experiences as a principal reason for their commitment.

When examining what is most important to consumers when it comes to choosing a checking account, the number one answer (about one-third of respondents) cited is no monthly fees. In addition, more than 40% of those polled say their bank demonstrates a commitment to them through no or low minimum balance requirements.

Other key findings include:

• 48% of consumers surveyed say bank products and services are more valuable than telecommunications (i.e., mobile phone, Internet, etc.). Although the majority of respondents stated that having no monthly checking, debit or transactions fees associated with accounts are the most important things to them, less than half said they would actually take the step to close an account associated with the same fees.
• The top ways that consumers say their bank shows its commitment: No monthly checking fees (or waived fees) (65%), easy online banking (65%), good customer service (64%), no statement fees (57%) and convenient bank locations (53%).

The study was conducted among a nationally representative group of consumers who have a checking account/debit card from Jan. 12 to 16. The sample size of 1,010 has a margin of error of +/- 3.1%. The survey was hosted by global research company Angus Reid Public Opinion.

(Source: Marketing Daily, 01/27/12)