Convenience is Key for Bank Consumers: Report

Consumers rank banking services as providing the greatest value for their investment compares with other services that require a bill or fee, according to a poll conducted by Angus Reid Public Opinion in conjunction with TD Bank.

According to the survey, which polled 1,231 U.S. consumers in August, 57 percent cited day-to-day banking as providing the greatest value for their investment. Nineteen percent listed telephone or mobile phone services as the best value compared to investment, whereas 19 percent also cited cable and television services, and five percent listed financial advice.

When it comes to day-to-day banking services, the poll found that, not surprisingly, convenience is king. When asked about the top elements considered to be the most valuable when it comes to a basic checking account, 62 percent responded "easy online banking" was the most important factor, followed by the ability to use a debit card and not carry cash at 57 percent, convenient branch locations at 47 percent, convenient ATMS at 45 percent, and reduced fees at 41 percent.

The survey also found that online banking is the most frequent banking activity engaged in by consumers. Those who were surveyed reported going online to manage their finances an average of five times per month

When it comes to carefully reading mail and/or email from their bank, 15 percent indicated that they don’t read their bank mail and 11 percent don’t read their bank emails.

Consumers also ranked friendly, helpful and personal customer service and waiving or providing no fees as the top two most appreciated thing their bank has provided.

[See Also: Strict Security, Along With Convenience, Are Key to Online Banking Success.]

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio