5 Insights on Bank Switchers with an Eye on Digital Banking

Bank Switchers with an Eye on Digital Banking

17% of Americans use online-only banking and less than half of the 150 million who use a traditional bank 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.

In the Resonate Ignite Platform™, we can use granular, real-time data points to construct an audience of bank switchers who are eager to go digital. So, let’s look at traditional bankers who are planning to switch banks in the next year, don’t care about convenient branch locations, and 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.

This returns an audience of 21.5 M adults, with 19.1 of directly addressable across digital channels (see how).

Demographics of Bank Switchers with an Eye on Digital Banking

Household income of Bank Switchers with an Eye on Digital Banking

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 drive our opinions and behaviors. The top values of bank switchers with an eye on digital banking are maintaining a good public image, enjoying life’s pleasures, and caring for nature – how can you emphasize these themes in your advertising to this audience?

The personal values of Bank Switchers with an Eye on Digital Banking

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?

Psychographics of Bank Switchers with an Eye on Digital Banking

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

  1. 77% are likely to use digital banking for transfers to others
  2. 75% are likely to use it to check their credit score
  3. 74% would use it to research bank rates and fees

Only 36% 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?

55% would use digital banking for budgeting, perhaps more so for the 1 in 4 of them who increased their budgeting due to the pandemic.

5. They’re spending their money on…

Here’s some fasts facts on the activities and items these pro-digital bank switchers are using their cash for, compared to the average American:

  • They’re 70% more likely to enjoy gardening
  • They’re 70% more likely to use apps for books and educational materials
  • They’re 54% more likely to consider home improvement a top hobby
  • They’re 28% more likely to have a physically active family
  • They’re most likely to purchase products that are the best-looking, time-saving, and unique

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