Survey explores how Americans perceive and engage with their primary financial institutions
White Clay, a fintech that guides financial institutions to build deeper and more profitable relationships, shared results from its latest survey conducted online by The Harris Poll. Nearly 2,000 U.S. adults who use financial institutions (FI users) were surveyed about their relationships with their primary financial institutions.
New survey from White Clay: 68% financial institution users do not feel known by their primary financial institution.
Key findings from the survey include:
- Roughly two-thirds of FI users (68%) do not feel truly known by their primary financial institution, with almost a third (31%) feeling like just another account number.
- Users of national and online-only banks are more likely to not feel truly known by their primary financial institution, with 70% and 73% reporting this sentiment, compared to 63% of users of local/community banks or credit unions.
- About 3 in 5 FI users (61%) report they have never had a personal relationship with their primary financial institution.
- This sentiment is stronger among users of national and online-only banks, with 65% and 66% expressing it, compared to 53% and 56% of those who use regional banks or local/community bank/credit unions.
- Half of FI users (50%) would consider switching their primary financial institution if another bank or credit union offered more personalized financial guidance.
- Online-only bank users are most likely to consider switching (62%) compared to users of national banks (51%), regional banks (50%), and local/community banks or credit unions (44%).
“This data shows a gap between financial institutions and their customers. While regional and community institutions are performing better, no one has fully mastered relationship banking,” said Mac Thompson, CEO and founder of White Clay. “To bridge this gap, banks and credit unions should focus on understanding customer interactions post-account opening and building value-driven relationships. By gaining a complete view of their customers and using these insights effectively, financial institutions can deliver a more personalized and truly differentiated experience.”
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Survey Method
This survey was conducted online within the United States by The Harris Poll on behalf of White Clay from October 31-November 4, 2024 among 2,079 U.S. adults ages 18 and older, among whom 1,954 use financial institutions. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.5 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Erin Brooks.
White Clay is a fintech that guides banks and credit unions to enhance customer relationships and profitability. For nearly 20 years, its software has offered financial institutions a comprehensive view of customer interactions and insights to boost daily business decisions. By aligning goals with shareholder value, White Clay improves banker performance and pricing strategies. Trusted by leading financial institutions, the company’s innovative approach continues to transform relationship and profitability optimization.
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