The Current State of Bank Account Holders


This week unemployment rates hit their highest first-time filing numbers since early March, indicating that the financial anxieties of U.S. consumers are far from over. As a bank, it’s never been more important to connect on a deeper level with account holders. In order to effectively help current and prospective customers, you need access to up-to-the-minute insights on their financial concerns, preferences and behaviors.

With Resonate’s comprehensive Flash Study comprehensive lash study on understanding consumer sentiment during COVID-19, which is scaled to 200 million U.S. consumers and integrated into your marketing ecosystem for direct action, you can gain a deep understanding of how your current and potential account holders are being impacted and adjust your engagement strategy accordingly. In our latest financial executive brief, The Current State of Bank Account Holders, we looked at the analysis of two groups of consumers: the brick-and-mortar bankers and digital bankers.

Our proprietary data revealed that brick-and-mortar bankers value fulfilling their obligations and being reliable, which means during these turbulent times they’re likely trying to provide for their household and focus on making ends meet. They’re likely less willing to take any financial risks and are focused on making sure their basic needs are met. This group is most likely to do their primary banking with Truist, Regions or TD Bank and that they’re 204% more likely to switch banks within the next three months. Read the brief to learn how you can retain these account holders before they flee.

Our data also revealed digital bankers are 95% more likely to prefer financial services that are family-friendly and 60% more likely to care about the availability of a financial wellness program. Their top three banks are USAA, Ally and Navy Federal Credit Union. Ally is an online-only bank, which makes sense as digital services are an important part of this group’s banking experience. They’re also 399% more likely to switch banks within the next three months. Having a comprehensive understanding of what they do and don’t want from their bank is critical to retain and engage them.

In today’s environment, things are constantly changing, especially when it comes to consumer preferences and behaviors. This uncertainty naturally becomes a source of anxiety, especially where personal finances are concerned. It’s never been more important to connect on a deeper level with your account holders.

Ready to learn more about the effects of COVID-19 on personal finance? Access these exclusive insights today.

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