Study: Reputation, products key for banks - Houston Business Journal:

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The report, published Monday by , identifies the decision-makingv process shoppers use while choosintg banks during key phases of the selection known asthe “purchase The bank’s reputation particularly as influenced by recenyt events widely covered in the mediaq — have a strong effect on customer choice, the studh found. Thirty percent of consumers report deliberately excluding a bank from considerationb due to perceived financial instability orquestionable ethics.
But the study authors said they were surprise to find that customers are going beyond the hype of headlinexs to find banks that offer services such asonline functionality, mobils banking services, debit cards with reward programs, and accounf alerts. “This suggests that being on the leadinb edge with new products is an actionablw way to differentiate an institutionj fromthe competition,” said Rockwell Clancy, executive director of financial services at J.D. Power and Associates. “Wha t may be emerging here is a fundamental redefiningof ‘convenience.
’ In the past, this has meant having more brancyh locations — which has historically been a primaryg reason for consumers to choose a Now, convenience is more about availability at any time and any place.” Among customers who switch banks, 27 percent attributesd their decision to either having had a previouds good service experience with the new bank or receiving a positives recommendation about the institution. In better interest rates and lowefr fees were notably less important selection The report is based on responsesfrom 7,500 customersz in February evaluating 25 national and regional banks.