New InsightExpress Survey Reveals Many Untapped Opportunities for Banks

The study, conducted online in 48 hours by professional research firm InsightExpress, reveals that nearly two-thirds of Americans state they would prefer to have all of their financial needs met by one institution. The study also found few Americans actually conduct business with their primary bank when it comes to acquiring a loan as 78% obtained their auto loan from a lender other than their primary bank while 72% secured their mortgage from an institution other than their primary bank. Additionally, 77% use a credit card from a financial institution other than their primary bank. Beyond knowing what products are available, Americans point to a lack of incentives as a key reason their primary bank is unable to win more of their business. Respondents said they would be willing to conduct additional business with their primary bank if the following inducements were offered: Inducements To Keep Customers % of Americans Agreeing Free checking46% A higher interest rate on checking/savings account(s) in exchange for taking a loan with my primary bank 43% Reduced Bank/ATM Fees41% Free online banking 40% Consolidated monthly statements for all accounts30% A lower rate on my loan in exchange for maintaining a higher minimum balance in my checking/savings account(s)29% The opportunity to earn rewards points towards merchandise or travel28% Respondents for this study were randomly recruited online using InsightExpress patent-pending e-RDD methodology. The survey was created, distributed and tabulated during a 48-hour period in early March 2004. The data has a tolerance of +/- 4.4%.