Customer satisfaction is essential for businesses to succeed today. While customers tend to expect a lot from the industries they do business with – particularly in financial services – only one group can meet that challenge: credit unions.
Why do consumers choose one checking account instead of another? Data from thousands of checking account searches reveals the hot buttons behind consumers' decisions: locations, fees, advertising and word-of-mouth.
Using the online tool at FindABetterBank, active bank shoppers walk through a logical process to help them narrow down their checking account options. The system prompts them with questions about feature requirements and fee preferences. After they select an account as their “top choice,” they’re asked why they chose that particular account. Using the data generated from thousands of such searches, we can dissect and understand the various factors driving consumers’ decisions — features, fees, locations, promotions, etc.
Fees for using out-of-network ATMs rose 5% over the past year and are up 23% over the past five years, according to Bankrate.com’s 17th annual checking survey. The average cost to consumers going outside their network is now $4.35 per transaction, a new high, and the eighth consecutive record-breaking year.