New Study Shows Megabanks Less Likely To Meet Needs
May 21, 2020
A consumer study commissioned by Kasasa shows customers are more satisfied with community banks and credit unions during the COVID-19 pandemic. Almost one-third say they are extremely satisfied with customer service.
The 2020 study was conducted online by The Harris Poll on behalf of Kasasa, garnering responses from 1,038 U.S. adults age 18 and older. Customers of community banks and credit unions were satisfied 65% of the time versus 54% of customers for big banks.
According to Kasasa, this is good news for community financial institutions, especially as consumers make plans to open new accounts despite the pandemic. In fact, the survey between now and mid-June, 44% of U.S. consumers plan to make financial or banking transactions, including opening a savings or checking account (15%) and applying for a credit card (11%).
“Financial services will always be an essential part of every consumer’s life and well-being, regardless of a pandemic and possibly even more so,” said Gabe Krajicek, CEO of Kasasa. “Not surprising, community banks and credit unions are stepping up and serving their communities far better than megabanks. As consumers’ financial needs expand and individuals look to open new accounts, community institutions are positioned well to serve them.”
Kasasa is a financial technology and marketing provider with over 900 community financial institutions as clients across the country.
Digital technology drives three major banking industry trends: digital transformation, brand specialization and partnerships.
The Bottom Line
Most financial institutions have tremendous excess capacity in their existing branches today.