National “State of the Bank” survey by Harris Interactive and
GoBank™ shows disconnect between banking industry and its customers
SAN FRANCISCO--(BUSINESS WIRE)--Jan. 15, 2013--
GoBank,
which launched today as a brand of Green Dot Corporation (NYSE: GDOT)
released the results of its December 2012 “State of the Bank” survey
conducted online nationwide, on its behalf, by Harris Interactive. The
survey finds that a vast majority of Americans1 don’t fully
trust big banks, and numerous people are surprised by fees or feel
they’re simply unfair. Americans are moving away from traditional bank
services like paper checks and bank branches to seek out more
innovative, mobile banking solutions that are trustworthy and
transparent. To see an info-graphic that highlights the survey results,
visit http://press.gobank.com/StateoftheBank.
Americans Don’t Fully Trust Big Banks
The comprehensive survey asked Americans about their current perceptions
of banks.
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Nearly two-thirds (64%) say they do not fully trust big banks.
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When asked about their bank in particular, the vast majority of people
(87%) do not feel their bank is transparent, and 68% do not perceive
their bank as being “on their side.”
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These perceptions are driven in part by Americans’ experiences with
bank fees: 30% say they are sometimes surprised by unexpected bank
fees, and 31% claim their bank’s fees are simply unfair.
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It’s clear that some Americans are facing challenges when 40% say that
dealing with their bank or finances stresses them out sometimes.
Banks Lack Innovation
In addition to specific perceptions about banks, people were asked to
discuss their sense of innovation across several U.S. industries. When
asked which industries have been the most innovative over the last 10
years, banking was one of the lowest, with only airlines and pet care
viewed as less innovative. The most innovative industries identified
were computers and mobile phones. Along those lines, when asked who
would build a better, more modern bank, two-thirds (66%) of checking
account holders chose Silicon Valley over Wall Street.
“Historically, traditional bank accounts have complex fees that favor
the institutions, not their customers,” said Lewis Goodwin, CEO of Green
Dot Bank (parent company of GoBank). “We believe people are hungry for
more transparency and innovative features from their bank… the kind they
often get from tech companies.”
Consumer Behavior is Changing
The behavior of consumers captured in the State of the Bank survey
reflects a significant change in the use of traditional bank account
services. For example, 67% of checking account holders said they write
fewer paper checks than they used to, and 14% of 18-34 year olds, who
are checking account holders, have never written a paper check in
their life. It appears that bank branches are also becoming less
relevant, with 79% of checking account holders claiming they do not
visit bank branches often. See more on the info-graphic at http://press.gobank.com/StateoftheBank.
Survey Methodology
This survey was conducted online within the United States by Harris
Interactive in partnership with GoBank, a brand of Green Dot Corp, on
December 18-20, 2012 among 2,080 adults age 18 and older who have
checking accounts. The data above reflects the 1,519 respondents who
have total household incomes of less than $100,000. This online survey
is not based on a probability sample and therefore no estimate of
theoretical sampling error can be calculated. For complete survey
methodology, including weighting variables, please contact press@gobank.com.
About GoBank
GoBank is a brand of Green Dot Bank, Member FDIC. GoBank is the first
bank account designed from scratch to be opened and used on a mobile
device. With GoBank, members have full access and control of their money
from their iPhone, iPod Touch or Android device, and can withdraw cash
from more than 40,000 fee-free ATMs in the U.S. For more information
about GoBank or to request a membership invitation, visit http://gobank.com.
You can also visit http://facebook.com/GoBankUS
or http://twitter.com/GoBank.
About Green Dot
Green Dot Corporation is a publicly traded bank holding company with a
mission to reinvent personal banking for the masses. Its products and
brands include Green Dot brand reloadable prepaid debit cards, The Green
Dot Reload Network, the Green Dot MoneyPak and GoBank. The Company’s
prepaid products and services are available in more than 60,000 retail
stores nationwide and online at Greendot.com. GoBank is available online
at GoBank.com and via the Apple App Store and Google Play with
additional distribution locations to be announced in 2013. The company
is headquartered in Pasadena, Calif. with technology offices in Mountain
View, Calif. and Westlake Village, Calif. and its bank subsidiary, Green
Dot Bank, located in Provo, Utah.
About Harris Interactive
Harris Interactive is one of the world's leading market research firms,
leveraging research, technology, and business acumen to transform
relevant insight into actionable foresight. Known widely for the
Harris Poll® and for pioneering innovative
research methodologies, Harris offers proprietary solutions in the areas
of market and customer insight, corporate brand and reputation strategy,
and marketing, advertising, public relations and communications
research. Harris possesses expertise in a wide range of industries
including health care, technology, public affairs, energy,
telecommunications, financial services, insurance, media, retail,
restaurant, and consumer package goods. Additionally, Harris has a
portfolio of multi-client offerings that complement our custom solutions
while maximizing our client's research investment. Serving clients in
more than 196 countries and territories through our North American and
European offices, Harris specializes in delivering research solutions
that help us - and our clients - stay ahead of what's next. For more
information, please visit www.harrisinteractive.com.
1 Refers to Americans who indicate they have a checking
account at a bank or credit union and whose total household income is
less than $100,000
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20130115006426/en/
Source: Green Dot Corporation
GoBank
Quinn Daly, Press Relations
press@gobank.com
310-600-8005
or
Green
Dot
Chris Mammone, Investor Relations,
IR@greendot.com
626-765-2427