Contrary to popular belief, most Americans (and Bostonians in particular) are satisfied with their banks, according to a recent survey from TD Bank.
"I think [consumers are] getting more and more comfortable with many of the other channels," said Marion Colombo, TD Bank’s market president of retail banking. "I think historically people have always used the branch or the store, so they didn’t think of any other ways to do their banking, but people are now more comfortable with using debit cards and online channels."
According to the second annual TD Bank Checking Experience Index, 87 percent of Boston respondents rated their bank as either excellent or very good in terms of their bankers’ knowledge, compared with 80 percent who said the same thing last year. Furthermore, 89 percent of that demographic rated their day-to-day experience with their checking account as excellent or very good, compared with 85 percent who said as much in last year’s survey.
Colombo attributed those improving attitudes to consumers’ growing ease with various channels of banking – and of course, to bankers’ efforts to better educate and communicate with their customers.
"I think it’s about educating the consumers … Consumers want to know more about their banking and banking in general, so I think our approach is to really educate the consumer and make them aware about what’s available," she said.
Only 5 percent of Bostonians said they switched or changed their primary checking account in the past two years, compared with nine percent nationwide.
Consumers responding to the survey ranked debit cards and easy-to-use online banking as the most valuable checking account features. More than half, or 58 percent, said their debit card was essential, and 63 percent would not open a new checking account without one, the survey said. Additionally, 44 percent ranked online bill pay as an essential feature.
Making those channels more readily accessible to customers likely helps reduce their reliance on alternative banking products often decried as predatory. Just 16 percent of Boston residents, compared with 22 percent of the national population, use alternative banking products like check-cashing services or payday loans.
"Our job as bankers is to be that advice channel and ask what’s important to the consumer and what they’re looking to do with their banking," Colombo said.
The survey was hosted by Vision Critical between Aug. 25 and Sept. 1. It surveyed a total sample size of 1,510 respondents and had a margin of error of +/- 2.5 percent.
