Banking Trends: What does this tell marketers?

In early May, our Consumer Insights team posted a blog called "What's on the other side of COVID for marketers?" It summarized key learnings from original research we conducted around consumer sentiment during the pandemic. Data like this helps marketers develop communications and campaigns that resonate with their audiences in deeper, more meaningful ways.

The team just wrapped the second installment of the 2020 Consumer Sentiment survey, exploring a few of Dixon Schwabl's primary verticals, including banking and finance.

Here is a snapshot of some key banking behavior trends the research revealed.

In the next three months, one in 10 respondents expect to open an account and/or apply for a loan online.

48% of consumers plan to use a mobile app as their primary interface for banking, while 29% plan to use the bank’s website, 16% the physical branch and 7% the phone.

When considering those who specifically use a community or local bank, 41% plan to use a mobile app as their primary interface for banking, whereas 32% plan to use the physical branch, 24% the bank’s website and 3% the phone.

58% of consumers want to hear about specific action steps brands are taking to move the community forward and 56% want to know what brands are doing to adapt to the current state of affairs.

The rest of the data is only a click away.

As data-driven marketers, our full research report provides a quick pulse on what consumers really think about the government's reopening plans, how their purchasing habits are changing amid concerns over a second wave and what services they intend to use over the next three months.

In our second Community Sentiment Report during the COVID-19 pandemic, we continue our focus on how consumers are feeling and shift the conversation to banking and finance. Download the report today to apply these insights to your next marketing campaign.

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Research fielded May 19-June 3, 2020, n128, Community Sentiment & Behavior Poll, PeopleSpeak®, an Online Research Community Strategy & Consumer Insights Department | v1.0 | © 2020 Dixon Schwabl.

Learn more about People Speak, an online research community that gives members a voice on a range of topics. Read more about the Dixon Schwabl research team here.