Nearly half of consumers say incentives, rewards and lower interest rates would persuade them to change their primary bank.

Vistar Media, the leading global provider of software for digital out-of-home (DOOH) and MFour, the leader in behavior-driven survey research, today released survey findings on consumers’ financial services preferences and behaviors – from where and how consumers prefer to bank and spend money, to the top incentives they care about. The study, which was conducted during June 2022 using MFour’s mobile panel of 2.5 million opt-in consumers, is based on responses from 2,000 adults in the U.S.

Nearly half of consumers say incentives, rewards and lower interest rates would persuade them to change their primary bank.

Only 31% of consumers switch their primary bank every 10 years or more frequently, which means it is important for bank brands to understand the triggers for switching in order to capitalize on that opportunity. The top reasons for this include moving cities or states (44%), better incentives or rewards (43%), and lower interest rates (40%).

However, the opportunity to convert loyalists is limited because 65% believe that their bank is easy to work with and over half feel their primary bank is trustworthy and secure (58%), has good customer service (56%), and is convenient to home and work (53%).

“Though conquesting consumers from their primary banks may be a difficult feat for these advertisers, the data shows a clear opportunity for strategic advertising placements to help move the needle,” said Lee. “Banks can readily geo-target DOOH inventory around competitors’ locations and display creative highlighting their different incentives, rewards or lower interest rates in order to engage with, and ultimately persuade, consumers. And to keep their existing consumers, banks can utilize OOH to showcase the qualities that matter most to consumers, such as highlighting nearby bank locations and local convenience by using dynamic creative to display specific proximity details on screens throughout local neighborhoods, to ensure retention.”

“As banking has become increasingly digital and remote over recent years, it’s natural to assume customer habits have evolved and played a pivotal role in the explosion of available Fintech options. Financial institutions have been tasked with keeping pace with innovation while serving a dedicated and loyal customer base. MFour was pleased to join our partners in gathering crucial insights to help businesses and marketers understand consumer banking usage and preferences,” said Vardan Kirakosyan, Senior Vice President of Research & Strategy at MFour. “By leveraging fair trade, opt-in consumer data, we don’t have to play a guessing game when it comes to consumer wants and needs. Instead, institutions can be equipped with the behavioral insights needed to make well-informed decisions.”

For more information about how marketers can leverage digital out-of-home to improve the performance of their marketing campaigns, download Vistar Media’s new e-book: Facilitation for Financial Services: DOOH Strategies for Success.