Consumer understanding

Good prices or good service: What hooks online-only banking customers?

Young, online-only customers pose a marketing quandary to banks. No matter how hip the branding is, what ultimately keeps them customers are competitive savings interest rates and a painless user experience.

The research firm Resonate calls them “Walmart and Amazon millennials,” and in a new report, the firm suggests that banks partition their marketing efforts as a result: Play up interest rates and innovation to attract the online-only customer, while reaching traditional bank customers by promoting knowledgeable employees and convenient branch locations.

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