21% of Americans use online-only banking. And, of the 140 million who use a traditional bank, less than 50% primarily use its services in person. With digital banking on the rise, bank marketers need deep, up-to-date insights on their customers and prospects – particularly ones who are itching to switch banks. Having unparalleled data at the ready helps all aspects of marketing, from predictive modeling to product design and crafting creative and offers.

Using Resonate’s robust, real-time data points, we constructed an audience of bank switchers eager to go digital. Let’s look at traditional bankers who are planning to switch banks in the next year and: 

• don’t care about convenient branch locations,  
• have mobile and online banking as their top considerations when choosing a bank, or 
• cite “better online/mobile banking services” as a top reason to switch. 

Using these parameters, we found this audience is made up of 18.6 million adults, with 21.9 million directly addressable across digital channels (see how). 

Source: Resonate Ignite Platform, January 2023

5 Things to Know About Bank Switchers with an Eye on Digital Banking

Now that we have our audience, let’s get to know them on a deeper level and figure out what messaging, offers and creative may best appeal to them. 

1. Digital banking is #1, #2 is…

After mobile or online banking, this audience’s #2 consideration when selecting a bank is free checking. They care least about the availability of loans or financial wellness programs. 

2. The personal values driving their decisions are…

Resonate’s unique data goes beyond basic demographics and psychographics to reveal the “why” behind Americans’ decisions, including personal values. Consciously or not, our values influence our opinions and behaviors. The top values of bank switchers with an eye on digital banking are acquiring wealth and influence, living an exciting life and being admired for their abilities – how can you emphasize these themes in your advertising to this audience?

Source: Resonate Ignite Platform, January 2023

Understanding your audience’s values helps you connect with them on a deeper level and strengthens your chances at making an impact.

3. The psychographics behind their banking choices are…

Personal values underpin this audience’s EVERY decision, but what about their BANKING decisions in particular?

Source: Resonate Ignite Platform, January 2023

4. The top tasks they’d use digital banking for…

1. 79% are likely to use digital banking for transfers to others
2. 78% are likely to use it to check their credit score
3. 77% would use it to research bank rates and fees

Only 29% would use digital banking to initiate a loan — perhaps these digital-eager folks may still value in-person or over-the-phone services for more serious financial tasks. 

61% would use digital banking for budgeting, perhaps more so for those who increased their budgeting due to the pandemic.

5. They’re spending their money on…

Here are some “fast facts” on the activities and items these pro-digital bank switchers are using their cash for, compared to the average American. They are most likely to purchase products that are luxurious, popular and practical, and: 

• 41% more likely to enjoy gardening 
• 65% more likely to use apps for books and educational materials 
• 101% more likely to consider group travel a top hobby 
• 22% more likely to have a physically active family 

Get a Complete View of the US Banking Market

Banks have access to rich first-party data sets that allow them to understand customer transactions. But this data alone doesn’t provide them with the insight they need to engage today’s consumers and drive growth. 

Resonate Banking data helps banks create a holistic picture of banking customers, revealing what drives them, what products they want, if they plan to switch banks (and why), and much more. Institutions can pull from 248 privacy-safe, up-to-date banking data attributes combined with thousands of other unique data points that paint the complete picture of humans in your audience to execute better marketing from acquisition to retention. 

Learn more about Resonate Banking here.