Mon, 01 February 2021 | banking
Today's consumer is very loyal to their bank, and holds onto their account for an average of 14 yearsi. At the same time, more than 40 million U.S. consumers have gone digital with their banking and a large percentage now have multiple accounts, presenting an opportunity for neobanks and digital banks to grow, simply by focusing their acquisition efforts on increasing share of banking (versus switchers).
These are among the actionable insights identified in new research from Meta Payments, a division of MetaBank®, N.A., and Visa®, The Digital Migration: Growing Share of Banking. MetaBank, N.A. ("Meta") is a national bank, a subsidiary of Meta Financial Group, Inc.® (Nasdaq: CASH) and a leader in providing innovative financial solutions to consumers and businesses throughout the country.
New research provides insights into how digital banks can adapt their marketing and acquisition strategies for growth.
"When it comes to digital banking, our research showed many adopters view their digital accounts as an addition to their existing accounts, not a replacement. Digital banks would be well served to focus marketing and acquisition strategies on capturing the many consumers who are open to having multiple accounts," said Sheree Thornsberry, Meta EVP and Head of Payments. "Further, our research showed consumer awareness of digital banks is being driven primarily by digital channels, indicating online and social media marketing efforts could bring a return on investment."
The Digital Migration: Growing Share of Banking examined how consumers are navigating digital banking, and is based on the responses of 1,800 U.S. adults. Key trends from this research are included below.
Source: MetaBank N.A.