Study: Email Is An Effective Tool For Mid-Size Banks

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. 

 

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