{"id":15775,"date":"2023-09-06T23:31:47","date_gmt":"2023-09-07T03:31:47","guid":{"rendered":"https:\/\/desis.osu.edu\/seniorthesis\/?p=15775"},"modified":"2023-09-06T23:31:48","modified_gmt":"2023-09-07T03:31:48","slug":"study-banking-needs-digital-banking-trends-and-consumer-priorities","status":"publish","type":"post","link":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/2023\/09\/06\/study-banking-needs-digital-banking-trends-and-consumer-priorities\/","title":{"rendered":"Study: Banking Needs, Digital Banking Trends, and Consumer Priorities"},"content":{"rendered":"\n<p><strong>Study: Banking Needs, Digital Banking Trends, and Consumer Priorities<\/strong><\/p>\n\n\n\n<p>Amidst major banks, credit unions, and online-exclusive banks, consumers have a plethora of banking choices. What drives their decision on which bank to choose? To uncover this, they conducted a survey with 2,000 consumers to determine the significance of various banking features to them.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Digital Banking:<\/strong> 91% of consumers consider digital banking crucial when selecting a bank. The significance of online banking differs based on net worth. 96% of those with a net worth below $1 million find it essential, whereas it&#8217;s 82% for those with a net worth above $1 million.<\/li>\n\n\n\n<li><strong>Security &amp; Service:<\/strong> High-quality customer service, along with security and fraud prevention, stand out as primary concerns for consumers.<\/li>\n\n\n\n<li><strong>Evolving Preferences:<\/strong> There&#8217;s a growing trend among consumers to value diversity in bank leadership and give more weight to savings account interest rates than they did in the past.<\/li>\n<\/ul>\n\n\n\n<p><strong>What customers want from banks: Digital banking and more?<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"876\" height=\"1024\" src=\"https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.29.38-PM-876x1024.png\" alt=\"\" class=\"wp-image-15777\" srcset=\"https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.29.38-PM-876x1024.png 876w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.29.38-PM-257x300.png 257w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.29.38-PM-768x898.png 768w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.29.38-PM-1314x1536.png 1314w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.29.38-PM-696x813.png 696w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.29.38-PM-1068x1248.png 1068w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.29.38-PM-359x420.png 359w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.29.38-PM.png 1434w\" sizes=\"auto, (max-width: 876px) 100vw, 876px\" \/><\/figure>\n\n\n\n<p><strong>Banking priorities by wealth<\/strong><\/p>\n\n\n\n<p>Those with over $1 million in net worth value both online and in-person banking access less than those under $1 million in net worth. 96% of the latter group see online banking as crucial, compared to 82% of the wealthier group. Similarly, 90% of less-wealthy Americans prioritize convenient branch locations, compared to 79% of millionaires. This difference might stem from wealthier individuals having fewer past issues accessing their banks, as they represent a different type of banking customer.<\/p>\n\n\n\n<p><strong>Banking priorities by generation<\/strong><\/p>\n\n\n\n<p>Banking preferences vary by generation, highlighting differences in customer needs. Gen Z is less concerned about competitive interest rates or diverse financial products from their bank. While 76% of Gen Z find interest rates crucial, about 90% of other generations think the same.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"503\" src=\"https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.18.15-PM-1024x503.png\" alt=\"\" class=\"wp-image-15776\" srcset=\"https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.18.15-PM-1024x503.png 1024w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.18.15-PM-300x148.png 300w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.18.15-PM-768x378.png 768w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.18.15-PM-324x160.png 324w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.18.15-PM-533x261.png 533w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.18.15-PM-696x342.png 696w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.18.15-PM-1068x525.png 1068w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.18.15-PM-854x420.png 854w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.18.15-PM.png 1444w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Banking trends: Savings rates are most important to consumers.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"638\" src=\"https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.19.23-PM-1024x638.png\" alt=\"\" class=\"wp-image-15778\" srcset=\"https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.19.23-PM-1024x638.png 1024w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.19.23-PM-300x187.png 300w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.19.23-PM-768x479.png 768w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.19.23-PM-696x434.png 696w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.19.23-PM-1068x666.png 1068w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.19.23-PM-674x420.png 674w, https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2023\/09\/Screen-Shot-2023-09-06-at-11.19.23-PM.png 1226w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>79% of consumers are likely to switch banks if they find one that better fits their needs.<\/strong><\/p>\n\n\n\n<p>79% of people would switch banks for one that aligns more with their priorities, a jump from 52% in 2020. This reveals growing consumer readiness to change banks for better benefits like interest rates or lower fees. While millennials are the most open to switching, even 61% of baby boomers are inclined to do so.<\/p>\n\n\n\n<p><strong>Analysis<\/strong><\/p>\n\n\n\n<p>Digital banking is crucial for 91% of consumers, with 96% of those under $1 million in net worth finding it essential. In contrast, only 82% of wealthier individuals prioritize it, possibly due to fewer past banking issues. Despite the digital trend, customers still value security, fraud prevention, and good customer service. There&#8217;s also a growing interest in diversity in bank leadership and better interest rates. Generational differences exist too; Gen Z, being newer to banking, doesn&#8217;t focus as much on competitive rates or varied financial products, which may change as they grow older.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p>Caporal, Jack. \u201cStudy: Banking Needs, Digital Banking Trends, and Consumer Priorities.\u201d <em>The Motley Fool<\/em>, The Ascent by The Motley Fool, 15 Feb. 2023, www.fool.com\/the-ascent\/research\/digital-banking-trends\/#:~:text=Security%20and%20fraud%20protection%20features%2C%20customer%20service%2C%20and%20mobile%20and,go%20hand%2Din%2Dhand.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Study: Banking Needs, Digital Banking Trends, and Consumer Priorities Amidst major banks, credit unions, and online-exclusive banks, consumers have a plethora of banking choices. What drives their decision on which bank to choose? To uncover this, they conducted a survey with 2,000 consumers to determine the significance of various banking features to them. What customers [&hellip;]<\/p>\n","protected":false},"author":111,"featured_media":15779,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":{"0":"post-15775","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"_links":{"self":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts\/15775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/users\/111"}],"replies":[{"embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/comments?post=15775"}],"version-history":[{"count":1,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts\/15775\/revisions"}],"predecessor-version":[{"id":15781,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts\/15775\/revisions\/15781"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/media\/15779"}],"wp:attachment":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/media?parent=15775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/categories?post=15775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/tags?post=15775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}