• by Ray Schultz , March 12, 2021

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.