Data shows relationship gap between financial institutions and their customers is holding strong
White Clay, a leading provider of relationship profitability and analytics software for banks and credit unions, shared results from its latest survey conducted online by The Harris Poll. Nearly 2,000 U.S. adults who use financial institutions were surveyed about their relationships with their primary bank or credit union.
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Survey from White Clay Finds Two-thirds of Customers Do Not Feel Truly Known by Their Primary Financial Institution
Despite advances in AI, digital banking, and marketing, consumer sentiment toward their financial institutions has remained largely unchanged year over year:
- Two-thirds of accountholders (67%) do not feel truly known by their primary financial institution, with almost a third (31%) feeling like just another account number.
- Users of online-only and national banks are more likely to not feel truly known by their primary financial institution, with 75% and 68% reporting this sentiment, compared to 65% of users of local/community banks or credit unions, and 63% of users of regional banks.
- More than half (52%) of people surveyed feel less personal connection with their bank/credit union now than they have in years past.
- This sentiment is stronger among users of local/community bank/credit unions and regional banks, with 57% and 56% expressing the loss, compared to 52% and 42% of those who use national and online-only banks.
- Over half (53%) of the respondents would consider switching from their financial institution if another bank/credit union offered more personalized financial guidance than their current financial institution.
- Online-only bank users are most likely to consider switching (63%) compared to users of national banks (55%), regional banks (50%), and local/community banks or credit unions (45%).
“Consumer sentiment is sticky; while the world is rife with change, from more advanced technologies to shifting economic landscapes, year over year data on consumer feelings remains unchanged,” said Mac Thompson, CEO and founder of White Clay. “In the past twelve months, Americans have lived through rising rates, inflation pressure, political uncertainty, and leadership transitions at the national level. These are times when trust and stability in one’s financial provider matter. Still, most consumers don’t feel seen and would consider moving their accounts because of it. This is both a significant opportunity and a loud alarm. Banks and credit unions must move beyond transactional engagement and focus on relationship banking to earn long-term loyalty in this new environment.”
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