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State of the Bank: the Age-Old Industry Needs to Change Its Approach for Today’s Consumer
National “State of the Bank” survey by
Americans Don’t Fully Trust Big Banks
The comprehensive survey asked Americans about their current perceptions of banks.
- Nearly two-thirds (64%) say they do not fully trust big banks.
- 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.”
- 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.
- 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
“Historically, traditional bank accounts have complex fees that favor
the institutions, not their customers,” said
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.
This survey was conducted online within
GoBank is a brand of
About Green Dot
1 Refers to Americans who indicate they have a checking
account at a bank or credit union and whose total household income is