A new study by financial services company Kasasa has found that 71% of US consumers choose a financial institution based on good credit card offerings.
This December 2018 study, which was conducted by The Harris Poll, saw responses from 2,018 adults aged 18 years and above.
The study showed that 84% of Americans first look for products and services they require and then scout for institutions providing those services.
According to the study, while selecting an institution, ATM fee refunds (87%), digital banking capabilities (79%) and presence of a physical branches (86%) are deemed as very or somewhat important factors by consumers.
The study also showed 63% of consumers cited peer-to-peer (P2P) payments as an important feature.
Kasasa CEO Gabe Krajicek said: “As the fight for deposits rises, it is crucial that community financial institutions understand what consumers look for when shopping for a bank or credit union.
“The majority of consumers make decisions based on the products and services offered – with credit card offers, ATM fee refunds, physical branch locations, digital banking capabilities and P2P payments all ranking extremely high in importance. This means financial institutions must evaluate their existing offering and ensure they are meeting consumer demand. Otherwise, they will lose out to megabanks.”
Based in Texas, Kasasa is a financial technology and marketing provider.