Every once in a while, a consumer study is released whose findings are…well, let’s just say “hard to believe.” One of those studies crossed my desk this week. A survey of 3,800 Americans and Canadians revealed that 50% of respondents said that they would be likely to bank with Square if the company offered banking services. My take: No way.
The American Bankers Association released the findings of its 2014 survey regarding bank channel preferences. A pymnts.com article titled Mobile’s Impact on Bank Branches reported that 21% of those polled selected the branch as their most preferred banking method, up from 18% in 2013. My take: The title of the article is wacky, and the ABA’s explanation of what’s going on is incorrect.
Many marketers are confused when it comes to concepts like rational/irrational and logical/emotional decision making. Any one consumer’s decision about who to bank with comes down to some combination of quantitative and qualitative factors.
In the never-ending quest to understand how consumers make purchase decisions, and what influences their decisions…. No, wait. That’s not right. Let me start again. In the never-ending quest to prove that My Preferred Channel is superior to Your Preferred Channel, and to convince marketers to reallocate their budgets away from Your Preferred Channel to…
The last time I criticized VOC programs, I was chastised for presuming that a bank could know what its customers wanted without asking them. Well, excuse me! But there are two problems with the “voice of the customer” that many marketers don’t take into consideration.
Man oh man, some of you will believe anything you hear. A CNBC report said that nearly one in four millionaires is a Millennial. And like the suckers you are, you believed it.
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?