North American PaymentsInsights

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    This Report is available to members of Mercator Advisory Group’s North American PaymentsInsights Service. Please be advised that this Report is normally part of a research and advisory service that provides ongoing support throughout the year. As such, this Report contains significant depth of content that is selected for its strategic importance to our members.

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Omnichannel and Branch Banking: The Current U.S. Consumer Banking Environment

Satisfaction and inertia make banking relationship sticky

Mercator Advisory Group survey finds 58% of U.S. consumers have used primary FI for many years and the various aspects of service receive an average satisfaction score of 84%.

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Mercator Advisory Group’s most recent Insight Summary Report, Omnichannel and Branch Banking: The Current U.S. Consumer Banking Environment, reveals that U.S. customers are highly satisfied with their banking relationship and comfortable with their current primary bank or credit union. The report is from the Banking and Channels Survey in the bi-annual CustomerMonitor Survey Series, a part of Mercator’s Primary Data Service. It is based on findings from Mercator Advisory Group’s CustomerMonitor Survey Series online survey of 3,000 U.S. adult consumers in November 2018.

The survey also found that only about 1 in 3 consumers want to be contacted by their financial institution (FI) about new products and services. This necessitates that FIs be very strategic in the way they cross-sell and up-sell to their customers

While the incidence of opening an account digitally is moderate (28%), satisfaction with the digital account opening process is very high (approx. 85%).

The report, Omnichannel and Branch Banking: The Current U.S. Consumer Banking Environment, shows that consumers are resolute in their determination not to pay ATM fees. More than 7 in 10 report that they actively try to avoid paying a fee when they withdraw money from an ATM. Further, about one-third only use an ATM for cash withdrawal.

Although only about one-third of consumers use mobile banking, those who do are quite satisfied with the experience. Inertia and security concerns are barriers to mobile banking adoption

“Banks need to show consumers value beyond dollars and convenience. And this needs to be balanced with security and safety,” states the author of the report, Pete Reville, Director of Primary Data Services including CustomerMonitor Survey Series at Mercator Advisory Group.

Companies and Other Organizations or Services Mentioned in this Report:
Affirm, Amazon, American Express, Apple, Facebook, Charles Schwab, Discover, Google, Mastercard, PayPal, People Pay, Popmoney (Fiserv), Square, Target, Venmo, Visa, Walgreens, and Zelle (Early Warning Services).

Highlights of this report include:

  • Currently, the vast majority of consumers are satisfied with their primary FI and the services the FI provides. This, coupled with inertia, makes the relationship sticky.

  • Alternative FI providers will have a difficult time overcoming the trust barrier that exists between consumers and their FIs.

  • ATM fees are a considerable hurdle to overcome for organizations looking to lure consumers out of network.

  • Inertia and security concerns prevent consumers from using mobile banking.

  • With regard to new financial products and services consumers will evaluate them based upon the perceived value (convenience, cost/savings, etc.) balanced against security.