Back
RAB Mobile
Who Buys Source

According to a 2012 survey by Javelin Strategy & Research, there are an estimated 35% "underbanked" adults (those who don't have a checking account or a primary banking relationship, although they may have a prepaid card). 52% of underbanked consumers are male; 48% are female.

Javelin Strategy & Research, 2012

Based on a 2012 survey by Javelin Strategy & Research, share of "underbanked" adults, by age bracket: 18-24, 36%; 25-34, 22%; 35-44, 15%; 45-54, 14%; 55-64, 9%; 65+, 4%.

Javelin Strategy & Research, 2012

According to a 2012 Federal Reserve Survey, share of mobile banking users in the past 12 months, by age group: 18-29, 43.5%; 30-44, 35.7%; 45-59, 14.7%; 60+, 6.1%.

Federal Reserve, 2012

According to a 2012 survey by Javelin Strategy & Research, share of "underbanked" consumers, by ethnic group: White, 45%; Black, 17%; Latino, 23%; Asian, 7%.

Javelin Strategy & Research, 2012

Profiling adults 18+ who currently have any type of savings account or checking account:

GfK MRI, 2011

Of those adults 18+ who currently have any savings account, 51.3% are women and 48.7% are men.

GfK MRI, 2011

Of those adults 18+ who currently have a checking account, 52.4% are women and 47.6% are men.

GfK MRI, 2011

Adults 18+ who currently have any savings account, by age group: 18-24, 10.5%; 25-34, 18.3%; 35-44, 19.3%; 45-54, 20.6%; 55-64, 16.2%; 65+, 15.1%.

GfK MRI, 2011

Adults 18+ who currently have any checking account, by age level: 18-24, 8.6%; 25-34, 16.9%; 35-44, 18.5%; 45-54, 20.8%; 55-64, 17.0%; 65+, 18.2%.

GfK MRI, 2011

Adults 18+ who have any savings account, by income bracket: $100,000+, 32.1%; $75-99,999, 17.2%; $60-74,999, 12.3%; $50-59,999, 8.7%; $40-49,999, 8.3%; $30-39,999, 8.0%; $20-29,999, 6.9%; under $20,000, 6.5%.

GfK MRI, 2011

Adults 18+ who have any checking account, by income level: $100,000+, 30.7%; $75-99,999, 16.3%; $60-74,999, 12.2%; $50-59,999, 8.8%; $40-49,999, 8.2%; $30-39,999, 8.2%; $20-29,999, 7.6%; under $20,000, 8.0%.

GfK MRI, 2011

Adults 18+ who have any savings account, by region: Northeast, 19.1%; Midwest, 24.3%; South, 34.1%; West, 22.5%.

GfK MRI, 2011

Adults 18+ who have any checking account, by region: Northeast, 18.5%; Midwest, 24.8%; South, 35.3%; West, 21.4%.

GfK MRI, 2011

Adults 18+ who have any savings account, by race: White, 81.2%; Black, 8.0%; Other, 10.8%; Hispanic origin, 10.2%.

GfK MRI, 2011

Adults 18+ who have any checking account, by race: White, 84.7%; Black, 6.0%; Other, 9.3%; Hispanic origin, 9.4%.

GfK MRI, 2011

Adults 18+ who have any savings account, by marital status: Single, 22.6%; married, 61.3%; separated/widowed/divorced, 16.1%.

GfK MRI, 2011

Adults 18+ who have any checking account, by marital status: Single, 20.4%; married, 61.7%; separated/widowed/divorced, 17.9%.

GfK MRI, 2011

Based on research by the FDIC, percentage of the following ethnic groups who were classified as unbanked in 2009: Black, 21.7%; Hispanic, 19.3%; American Indian, 15.6%; Pacific Islander, 9.2%; Asian, 3.5%; White, 3.3%. Percentage who were classified as underbanked: Black, 31.6%; American Indian, 28.9%; Hispanic, 24.0%; Pacific Islander, 16.4%; Asian, 14.9%; White, 7.2%.

FDIC, 2010

When They Buy Source

According to a 2012 survey by Auriemma Consulting Group, of those consumers who used any mobile banking services, 19% used them daily, 39% did so once a week, 15% once a month, 23% less than once a month, and 4% didn't know.

Auriemma Consulting Group, Inc., 2012

Why They Buy Source

Based on a 2012 survey by Javelin Strategy & Research, the top reasons given by consumers for switching banks: Too many fees, 33%; unsatisfactory customer service, 21%; inconvenient location, 15%; moved to a new area, 12%.

Javelin Strategy & Research, 2012

According to a J.D. Power and Associates survey of retail banking customers, how satisfaction with their overall banking experience is measured: Account activities; account information; facility; fees; problem resolution; and product offerings.

J.D. Power and Associates, 2012

According to a 2012 survey by Javelin Strategy & Research, the top reasons given by consumers for not switching financial insitutions: Current bank's branches are conveniently located, 42%; they are satisfied with their current provider's offering of online services, 40%; their current financial institution doesn't charge excessive fees, 31%; their current bank's ATMs are conveniently located, 25%. 

Javelin Strategy & Research, 2012

According to the J.D. Power and Associates 2011 U.S. Bank Customer Switching and Acquisition Study, the most common reason for switching banks is the implementation of new fees.

J.D. Power and Associates, 2012

According to a 2012 customer survey by TD Bank, the respondents said they would close their account if their bank applied: Monthly transaction limits, 41%; a checking account fee, 35%; a debit card fee, 33%; a minimum balance requirement, 16%. 

USA Today, 2012

According to a 2012 survey by Auriemma Consulting Group, mobile banking tasks performed most often by cellphone users: Check account balance, 75%; pay a bill, 36%; receive a bank notification, 32%; make a deposit, 31%; transferred funds, 3%.

Auriemma Consulting Group, Inc., 2012

A 2012 survey by Javelin Strategy & Research revealed that only 69% of customers of the four largest banks in the country are "satisfied" or "very satisfied" with their current banking relationship, compared to satisfaction ratings for regional banks (78%), community banks (84%) and credit unions (92%).

Javelin Strategy & Research, 2012

According to a 2012 survey by Infosys, 94% of consumers say that banking on their mobile device is easy, but only 42% feel that it is reliable.

PR Newswire, 2012

According to a 2012 survey by Intuit Financial Services, the main barrier to the adoption of mobile banking is the lack of a smartphone.

Intuit, 2012

According to a 2011 study by J.D. Power and Associates, for customers evaluating and eventually selecting a new bank, the most important factors driving their decision are: Advertising; branch convenience; products and services; promotional offers; and direct and indirect customer experience (including past personal interactions, recommendations and bank reputation). Pricing -- fees and interest rates -- carries relatively little weight in influencing the decision, despite recent heavy media coverage of changes to fees for bank accounts and credit cards.

J.D. Power and Associates, 2011

According to a 2011 poll conducted by Princeton Survey Research Associates International, 64% of consumers say they would switch providers if their bank increased their checking fees. At 75%, adults making $75,000 or more per year were most likely to consider moving their accounts. 71% of those under the age of 30 would also choose a new financial institution if prices rose.

Bankrate.com, 2011

A 2011 study by J.D. Power and Associates revealed that only 43% of customers who purchased an additional banking product made that purchase at their primary bank. For customers who turn to another institution for an additional product, promotional offers such as gift cards carry the most weight in influencing the buying decision. 

J.D. Power and Associates, 2011

How They Buy Source

Based on a 2012 study by J.D. Power and Associates, 16% of banking customers use some form of mobile banking, up from 10% in 2011. Among these customers, 11% use smartphone apps, 5% use texting for mobile interactions, and 6% use a mobile browser to access their bank. Smartphone apps are used most frequently to check account balances (74%) and transfer funds (47%). In addition, 18% of mobile banking customers use a smartphone to make deposits.

J.D. Power and Associates, 2012

Research by Moebs Services showed that the median checking account overdraft fee rose to $29 in 2011, up 5.4% from 2010 and 11.5% from 2009. According to the Consumer Financial Protection Bureau, just under 10% of checking account customers incur 84% of all overdraft fees.

Smart Money, 2012

According to a 2012 survey of banks and credit unions, conducted by The Financial Brand, percentage of the respondents who said they use the following online marketing tools: Email, 79%; banner ads (paid), 68%; social media, 68%; eStatement ads, 63%; SEO (Search Engine Optimization), 57%; search engine ads, 53%; smartphone app, 42%; microsites, 38%; full online account opening, 37%; online switch kit, 28%; live online chat, 22%; iPad/tablet app, 19%.  

The Financial Brand, 2012

Based on an American Bankers Association/Ipsos survey, how much Americans spend on banking services each month, such as fees on checking account maintenance, ATM use, etc.: $3 or less, 11%; $4-$6 a month, 6%; $7-$9 a month, 4%; $10 or more a month, 7%; nothing, 71%. 

American Bankers Association, 2011

What They Buy Source

A 2012 survey of banks and credit unions, conducted by The Financial Brand, asked the institutions which products/services they would be promoting most often in the next 12-24 months: 1. Mortgage loans; 2. Auto loans; 3. Free checking; 4. Credit cards; 5. Online banking/bill paying; 6. Small business banking; 7. Mortgage refinancing; 8. Small business lending; 9. Auto refinancing; 10. Home equity lines; 11. Home equity loans; 12. Checking (fee-based); 13. Youth/kids accounts; 14. Retirement products; 15. Savings accounts.

The Financial Brand, 2012

Based on a 2012 survey by Novantas Research, percentage of respondents who prefer to use a bank branch (teller) for the following activities, as opposed to conducting their business remotely (with percentages from a similar 2006 survey in parentheses): Depositing funds, 54% (70%); withdrawing funds, 25% (41%); transferring funds, 15% (45%); resolving an issue, 35% (53%). 

Novantas Research, 2012

A 2011 survey by the American Bankers Association asked adult consumers (all age groups) to identify their preferred method of banking: Internet banking, 62%; branches, 20%; ATM, 8%; mail, 6%; telephone, 3%; mobile, 1%.

American Bankers Association, 2011

According to a 2011 survey by the American Bankers Association, the preferred method of banking for consumers ages 18-34: Internet banking, 67%; branches, 13%; ATM, 12%; mail, 4%; telephone, 2%; mobile, 2%.

American Bankers Association, 2011

Based on a 2011 survey by the American Bankers Association, the favored method of banking for consumers in the 35-54 age bracket: Internet banking, 64%; branches, 22%; ATM, 6%; mail, 4%; telephone, 3%; mobile, 1%.

American Bankers Association, 2011

According to a 2011 survey by the American Bankers Association, the preferred method of banking for consumers ages 55-and-over: Internet banking, 58% branches, 24%; mail, 9%; ATM, 5%; telephone, 4%.

American Bankers Association, 2011

Forty percent of consumers have paid their bills online using their banks' websites in the past six months, and a third primarily use this method. More than three-quarters are satisfied with their banks' online banking services. However, if their banks began charging fees for online bill-paying services, 80% would stop using the services.

Mintel, 2011

Where They Buy Source

The top 15 banking institutions, according to consolidated assets as of 1Q 2012 (totals in billions): 1. JPMorgan Chase Bank, $1,976; 2. Bank of America, $1,654; 3. Citibank, $1,314; 4. Wells Fargo Bank, $1,238; 5. U.S. Bank, $336; 6. Capital One, $298; 7. PNC Bank, $288; 8. The Bank of New York Mellon, $246; 9. HSBC Bank USA, $211; 10. TD Bank, $206; 11. State Street Bank and Trust, $184; 12. SunTrust Bank, $172; 13. Branch Banking and Trust, $172; 14. RBS Citizens, $139; 15. Regions Bank, $125.

FDIC, 2012

States with the largest amount of deposits in all FDIC-insured institutions as of year-end 2011 (totals in billions): 1. New York, $990.2; 2. California, $884.6; 3. Texas, $543.7; 4. Florida, $411.5; 5. Illinois, $371.0; 6. Delaware, $323.4; 7. Pennsylvania, $300.3; 8. Utah, $293.7; 9. North Carolina, $284.2; 10. Nevada, $259.0; 11. New Jersey, $255.4; 12. Ohio, $233.4; 13. Massachusetts, $231.3; 14. Virginia, $228.0; 15. Georgia, $183.0.  

FDIC, 2012

States with the highest number of FDIC-insured institutions (includes both commercial banks and savings institutions), as of 1Q-2012: Texas, 593; Illinois, 573; Minnesota, 387; Iowa, 343; Missouri, 331; Kansas, 317; Wisconsin, 271; California, 252; Oklahoma, 239; Georgia, 237; Ohio, 236; Florida, 222; Nebraska, 217; Pennsylvania, 204; Kentucky, 194. Totals do not include the many branch offices of these financial establishments.  

FDIC, 2012

Based on the J.D. Power and Associates 2012 Retail Banking Satisfaction Study, financial institutions earning the highest scores for overall customer service, by region: Mid-Atlantic -- Northwest Savings Bank; Midwest -- Commerce Bank; North Central -- Independent Bank; Northwest -- Banner Bank; South Central -- Arvest Bank; New England -- Rockland Trust Co.; Southeast -- First Federal; Southwest -- Arvest Bank; California -- Rabobank; Texas -- Frost National Bank; Florida -- PNC Bank.

J.D. Power and Associates, 2012

According to a 2012 survey by Javelin Strategy & Research, 25% of Citibank customers and 21% of Bank of America customers said they were either "likely" or "very likely" to switch financial institutions in the coming year (compared to 14% of Wells Fargo customers and 12% of Chase customers).

 

Javelin Strategy & Research, 2012

Percentage of FDIC-insured banking institutions, by asset-size class: Less than $100 million, 32.4%; $100 million -$1 billion, 58.5%; $1 billion-$10 billion, 7.6%; greater than $10 billion, 1.5%.

FDIC, 2012

A 2012 survey by Novantas Research asked respondents where they would prefer to open a new banking relationship: Branch, 71% (down from 86% in a 2006 survey); Remote (representing call center, mobile and online channels), 29% (up from 14% in 2006).

Novantas Research, 2012

As of 1Q 2012, share of U.S. banking industry assets, by charter type: Commercial banks, 91.8%; savings institutions, 8.2%.

FDIC, 2012

Business Trends Source

Assets of FDIC-insured commercial banks in the U.S. stood at $12.781 trillion by the end of the first quarter of 2012, up from $12.157 in first-quarter 2011 and $12.065 trillion in 2010. Assets of FDIC-insured savings institutions totaled $1.145 trillion after the first quarter of 2012, compared to $1.257 trillion after first-quarter 2011 and $1.271 trillion in 2010.

FDIC, 2012

Net income generated by the nation's FDIC-insured commercial banks totaled $110.380 billion in 2011, up from $72.147 billion in 2010. The net income of the country's saving institutions increased to $8.291 billion in 2011, compared to $7.401 billion in 2010.

FDIC, 2012

According to the J.D. Power and Associates 2012 Retail Bank Customer Switching and Acquisition Study, 9.6% of customers indicated they switched their primary banking institution in the past year to a new provider, compared to 8.7% in 2011 and 7.7% in 2010.

J.D. Power and Associates, 2012

Approximately 11% of consumers surveyed during the first quarter of 2012 indicated they were considering switching their primary financial institutions in the coming year.

Javelin Strategy & Research, 2012

Based on research by J.D. Power and Associates, in 2012, switching rates among big banks, regional banks and midsize banks average between 10.0% and 11.3%, while the defection rate for small banks and credit unions averages only 0.9%, a significant drop from 8.8% in 2011.

J.D. Power and Associates, 2012

According to a 2012 survey of banks and credit unions, conducted by The Financial Brand, what the respondents identified as their top marketing priorities in the next 12-24 months: 1. Cross-selling; deepending relationships; 2. Loan growth; 3. Customer/member acquisition; 4. Building/strengthening their brand; 5. Building brand/product awareness; 6. Attracting a younger audience; 7. Deposit/checking growth; 8. Offering profitable products/services; 9. Expanding/growing new markets; 10. Customer/member retention.

The Financial Brand, 2012

Misc Source

Through the first quarter of 2012, Tennessee ranked as the state with the highest per capita rate of bankruptcies -- 7.19 filings per 1,000 residents -- based on a study by Epiq Systems Inc. Rounding out the top 10 were Nevada (7.00), Georgia (6.65), Utah (5.87), Alabama (5.87), Michigan (5.72), Illinois (5.58), California (5.49), Indiana (5.47) and Delaware (5.09).

CreditCards.com, 2012

A 2012 study by IDC found that only 20% of consumers have purchased a product from a store via their mobile phone.

Advertising Age, 2012

A 2012 survey by J.D. Power and Associates found that 76% of banking customers say they are greeted by a bank employee when they enter the bank, up from 68% in a similar 2010 study.

J.D. Power and Associates, 2012

One in eight customers who use social media say they have used it to contact their bank for service-related issues. However, only 20% of those customers report receiving a response from their bank.

J.D. Power and Associates, 2011