52% of banking customers surveyed
would leave their financial institution
for one that offers better money management capabilities.
Intuit Financial Services survey finding.
While half of Americans still primarily use spreadsheets and checkbook registers to manage their finances, more than one third are now managing their finances using online solutions provided by their financial institution—an increase from 27 percent a year ago. Just over one quarter of Americans have also cut back on visits to their local bank or credit union branch to just once a month, indicating that financial institutions are offering viable online solutions that are able to meet customer needs and deepen banking relationships. These are key findings of the Third Annual Intuit Financial Services Online Financial Management Survey.
Intuit Financial Services’ survey also found that banking customers view online financial management solutions from their bank or credit union as competitive differentiators. Fifty-two percent of those surveyed said they would leave their current financial institution for one that offers better money management capabilities. Nearly half of all respondents said they’d already switched banks or credit unions recently, and one-third of them switched because their financial institution did not provide satisfactory online solutions. This trend reflects an increasingly competitive banking marketplace in which financial institutions are using technology to capture customer loyalty and increase market share.
Among people using online solutions at their financial institutions, Intuit’s survey also found that:
- Eighty-four percent feel the most important feature is the ability to pay bills and manage all their finances in one place, regardless of where the account is held.
- Nearly half express interest in using tax preparation tools through their financial institution website.
- Approximately one in five banking customers currently use mobile banking solutions to manage their finances.
“When today’s customers connect with their bank or credit union, they expect to get helpful financial insights and then be able to take immediate action,” said Sasan Goodarzi, president of Intuit Financial Services. “Financial institutions must recognize the vital role technology plays in customer relationships so they can be the center of their customers’ financial lives.”
A New Resource for the Banking Community
More detailed insights from Intuit Financial Services’ Third Annual Online Financial Management Survey can be found at banking.com, a new online resource provided and managed by Intuit Financial Services. Banking.com provides a dynamic platform for timely industry information and relevant discussions important to bank and credit union decision makers and executives at financial institutions across the country. For more information, please visit http://www.banking.com
Survey Methodology
The Intuit Financial Services Online Financial Management Survey was fielded by Decipher Research for Intuit Financial Services in September 2010, polling 1,250 adults across the United States.
