Customers who feel a sense of belonging to their bank are more likely to have better financial health, but relatively few people do, according to one new national survey by Frost Bank in San Antonio, Texas.
People who are satisfied with their bank are 43 times more likely to feel a sense of belonging than those who are dissatisfied with their bank, according to the report. However, only 11% of those surveyed said they felt that sense of belonging. Bank customers defined financial belonging in terms of personal relationships, such as feeling welcome and part of a community, as well as being treated with care and respect no matter how much money is in their bank account.
The research identified four key indicators of financial ownership that banks can provide. First was trust, with eight in 10 respondents saying bank actions that boost two-way trust, such as waiving overdraft fees and offering early payday, improve membership. The second was to provide financial knowledge. Third was access, with 77% saying bank features such as multiple access points and frequent in-person touch points are effective in improving membership. The fourth was providing a hybrid experience, as two-thirds of respondents bank online but, at the same time, were more than twice as likely to prefer in-person services when planning major financial events.
