More goodies from the EY 2014 Global Consumer Banking Survey…. EY asked consumers who had opened and closed bank accounts in the prior 12 months what their reasons for doing so were. Here’s what EY found: My take: These aren’t the “reasons” why consumers opened accounts. The most prevalent (if not only) reason why consumers…
EY released its 2014 Global Consumer Banking Survey recently, and found that a larger percentage of consumers cited “institutional stability” factors than did those who listed “customer experience” factors as reasons for having trust in their bank. I guess the “customer experience” isn’t that important after all, eh?
Selling out to a big bank for $117 million doesn’t exactly strike me as qualifying as a banking industry disruptor. BBVA, however, was not simply paying ~$1200 per customer to acquire Simple’s customers. BBVA paid for a brand that it would need years to build itself.
A Financial Brand article claims that the number of bank branches in the US increased by more than 250 units in 2013, while an SNL analysis claims the number dropped by nearly 1,500. Who’s right? It doesn’t really matter.
While many observers of the banking industry are critical of, or disappointed with, the speed with which the industry is moving to “new-school” banking, the industry is indeed moving towards new-school banking. Thankfully, there’s no going back to old-school banking..
Sorry that this falls on you bankers and credit unionistas, but you guys will have to provide some consumer education here. Specifically, on the differences between credit monitoring and transaction monitoring. Credit monitoring is good, and it’s needed, but it isn’t anywhere near a complete solution to protecting consumers’ card-related information.
Slate’s article on America’s Microbank Problem was a hack piece of journalism, written simply to call attention to the author and publication. There is one argument I can see making to justify the claim that there are too many banks in the US: Supply outstrips demand.
A Carlisle & Gallagher study concludes that first-call problem resolution is critical to customer satisfaction and loyalty. But customer service isn’t just “problem resolution.” It includes responding to inquiries regarding transactions, and providing information regarding products when asked about it. Excluding these interactions may result in underestimating banks’ first-call response rates.
The CFPB says that FIs spend US$17 billion on marketing and that just US$671 million, or about US$2 per person, is spent on financial education. Many of you don’t just believe this, but tweet it, implying that the spending is out-of-whack. My take: Comparisons of financial education spending to FI marketing spend are spurious, and belie the facts about financial literacy and what really needs to be done.
ACSI releases its 2013 customer satisfaction scores for the financial services industry today. A sneak peek at the numbers gave me a few days lead time to look into this year’s results. There may be a few surprises for industry insiders, but creditunionistas can rest easy: Credit unions continue to outscore banks on customer satisfaction.