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• ABOUT STACKPOLE
• RESEARCH OVERVIEW
• REPORT ABSTRACTS
• Choosing a Primary
  Financial Institution
• How the Economy is
  Affecting Bank Choice
• Banks and Social Media:
  Everything You Need to Know

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Choosing a Primary Financial Institution

The first installment of the Stackpole Report on Banking, Choosing a Primary Financial Institution, was conducted in June 2008. The goal was to uncover the key attributes consumers look for in a banking relationship, their propensity to change banks, barriers to change and the role the web plays in facilitating the process. The survey was conducted online among 411 respondents between the ages of 25 and 60 years old. All respondents currently reside in Massachusetts. The study achieved a confidence level of 95% and a margin of error of +/- 5%.

Key findings indicate that there is considerable market fragmentation in Massachusetts and a lack of differentiation among banks. The larger corporate banks outperform the smaller banks in unaided awareness, while the “other” category — a compilation of 1-5 mentions of smaller, more localized banks — posted strong numbers. Also noteworthy is the fact that after three bank mentions, recall drops considerably, suggesting that a consumer’s bank consideration set is not very deep. Surprisingly, one of the biggest obstacles to changing banks is the perception that there are few differences between banks and no better options available.

In addition to broader general market indicators, the study also concentrated on uncovering and qualifying those key attributes that drive a consumer’s bank selection process. Topping the list are security and convenience. And, while “free checking” is considered a key offering, few respondents cite it as a reason to change banks. In fact, the majority of respondents are not currently considering changing banks and only about half have actually made a change in the past. A consideration that is consistent with consumers’ desire for convenience is a push for online services, particularly among the younger demographic. This subset indicated that they would be somewhat more likely to change banks if the process could be done entirely online.

The complete findings of this report are available for purchase at a cost of $395.