Mid-size banks have the best chance of reaching customers via email, according to Mid-Size Bank Customer Retention Study, a report by Vya, a provider of marketing systems.
Email is
popular with customers ages 19 to 54, but those 55 and up prefer in-person.
The effective marketing channels (with a count of the respondents) were rated as follows:
- Email — 135
- In Person: Talking to a representative — 97
- Text message — 57
- Direct mail — 56
- Bank website — 55
- Over
the phone — 41
- Monthly statement insert — 33
- Social media (e.g. Facebook, Twitter) — 18
- Other — 2
Overall, customers seemed
provisionally satisfied with their banks:
Of those surveyed 45.14% say they do not plan to open an account at a new bank. Another 23.68% say they might, but that it would take a lot for
them to make the move.
However, 11:34% are actively looking and 19.84% are open to it for the right reasons.
In addition, 23% of customers who are dissatisfied with their
bank are looking to switch.
The most likely to switch are newly married couples, followed by divorced/separated people, new parents (had baby or adopted) and widows and
widowers.
Customers wish their bank would provide:
- Loyalty rewards — 41%
- Free checks — 39%
- Cash bonus for savings —
33%
- Fraud detection — 24%
- Text alerts — 22%
- Budget tool — 19%
- Digital pay service (ex. Zelle) — 18%
- Mobile check deposit
— 17%
- Retirement planning — 15%
- Savings goal digital tool — 15%
- Other — 6%
Vya surveyed 494 U.S. consumers whose
primary bank is mid-size. The company define a mid-size bank as one with $10 billion to $50 billion in assets.