Despite the proliferation of online and mobile banking options, Americans expect brick-and-mortar bank branches, and location is key when Americans choose their primary bank account.
A third of Americans (33%) who use branch based banking picked their primary bank account for proximity to their home. A larger 41% of New Yorkers, most of whom don’t have a household car, also choose their bank for proximity.
Closeness to the office, or readily available ATMs (like Chase at Duane Read pharmacy) are also key reasons for picking a particular financial services brand to bank with and again particularly important to mostly car-less New Yorkers.
How did you chose your primary checking account?
Only a very small percentage of Americans are currently opting for online only banking (7%), with the vast majority opting for branch based (43%) or combined branch and online banking (44%).
Family recommendations (18%) and types of service provided (21%) are also key drivers for those using a branch-based bank. In total, advertising, direct mail and online solicitations were cited as the main reason for choosing a bank account for only 6% of Americans.
Americans keep close tabs on their finances, checking their bank accounts regularly. Nearly half (45%) of Americans who bank electronically check their online accounts as often as once a week and just under a quarter (22%) use mobile banking once a week.
New Yorkers take full advantage of their rich bank branch infrastructure with 22% using a bricks and mortar branch at least once a week compared to only 12% of Americans in general. Telephone calls are least popular with only 4% of Americans attempting to communicate with their bank weekly by phone.
The NYC data is supplied by YouGov Citybus, city specific Omnibus research.
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