A recent SurveyMonkey poll of over 10,000 Americans released by Amalgamated Bank that looks at how Americans view their banking experience today and what they value in making banking and purchasing decisions shows that just half of Americans think they know what their primary bank actually does with their money. Striking in part because three‑quarters of adults say it matters that their bank behave in a socially responsible way.
Here’s a snapshot of what we learned:
What do Americans think about their banking experience today?
● Americans think they are pretty satisfied with their primary bank, and half say they know what their bank actually does with their money. Convenience was cited as the no. 1 reason why Americans chose their primary bank. Having a pre‑existing relationship at that bank and customer service factored in, but less so.
● When asked to think about what might persuade people to switch banks, interest rates and low fees are the biggest lures, but customer service , convenience , and a good reputation are also among the bigger consideration factors.
Where does social responsibility fit in?
● Factors that impact one’s bottom dollar are highest on the list of reasons to switch banks. Nearly two in 10 (17%) said that it would make them more likely to switch banks if the bank acted in a responsible way, and 16% said the bank offering sustainable/responsible products would make them more likely to switch.
● Large majorities care that their bank behave in a socially responsible manner (77% total, 45% saying it matters “a lot”). When specifically asked about which socially responsible banking options are most popular, the highest cited quality people care about when selecting a new bank is a bank that “offers products/services/investment options that benefit society.”
Read more about our polling methodology here.
Click through the results in the interactive toplines below: