|By Marketwired .||
|March 3, 2014 06:00 AM EST|
AUSTIN, TX -- (Marketwired) -- 03/03/14 -- Community financial institutions (CFIs) may be well-positioned to gain additional market share from the megabanks this year. According to a new study, roughly half of megabank customers* (46 percent) report that they don't feel very loyal to their primary bank, and about 1 in 2 Americans (49 percent) say that banking locally is important.
The Consumer Banking Insights Study -- conducted online by Harris Poll in December 2013 among more than 1,000 U.S. adults (ages 18 and up) on behalf of more than 200 community financial institutions offering BancVue's Kasasa brand of checking accounts -- found that many megabank customers (43 percent) are not satisfied with their primary bank. More than half (58 percent) of megabank customers don't believe their primary bank has their best interests at heart, and 42 percent feel their bank takes advantage of them with all the fees.
In contrast, an overwhelming majority of CFI customers* (93 percent) say they trust their bank and feel very loyal (84 percent) toward their institution.
"This study found that many Americans are looking for roughly the same things from their financial institutions -- a trustworthy, dependable relationship and few or no fees," said Gabe Krajicek, BancVue's CEO. "Community financial institutions are able to meet most of those needs, and it seems consumers are finding that megabanks are not."
Yet, megabank customers' dissatisfaction alone is not enough to get them to switch institutions. While nearly 1 in 4 (23 percent) megabank customers say they're at least somewhat likely to switch their checking account to a local community bank or credit union this year, 63 percent say they have never considered opening a checking account at a local community financial institution.
Nearly one-quarter (24 percent) of megabank customers say they don't use a community financial institution because they don't believe a CFI can offer the same benefits. Additionally, 83 percent of megabank customers say a recognizable brand name -- not a traditional strength for CFIs -- is at least somewhat important to them when choosing a bank.
"In order to better compete with megabanks, CFIs will need to boost their marketing efforts and product lines," Krajicek said.
"Branding influences so many of our decisions, including our banking choices," Krajicek continued. "It's important for community financial institutions to take a hard look at their branding and marketing strategies. If their efforts are falling short, there are solutions out there that they can -- and should -- take advantage of."
About the Consumer Banking Insights Study
More than 200 community financial institutions offering BancVue's Kasasa brand of checking accounts teamed up to conduct the first Consumer Banking Insights Study. The study was executed online by Harris Poll on behalf of Kasasa from Dec. 26-31, 2013. The study polled 1,020 U.S. adults ages 18 and up to gauge their banking and checking preferences, feelings and behaviors. Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents' propensity to be online.
*Throughout this release "megabank customers" are checking account holders who consider one of the big national banks to be their primary banking institution and "CFI customers" are those who consider a local community bank or a credit union to be their primary banking institution.
BancVue is a provider of innovative products, world-class marketing and data-driven consulting solutions to community financial institutions across the United States. Featuring offerings like Kasasa, a national brand of superior products and marketing scale, BancVue products are designed to deliver controlled new account growth, higher profitability and increased customer retention. Today, serving nearly 700 community banks and credit unions across the country, BancVue is empowering its clients to compete in and win the war against megabanks. For more information on BancVue, visit www.bancvue.com.
China Unicom exhibit at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE FDD, TD-LTE), fixed-line broadband, ICT, data communica...
Feb. 20, 2017 01:00 AM EST Reads: 744
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 20, 2017 01:00 AM EST Reads: 5,126
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Feb. 20, 2017 12:45 AM EST Reads: 2,336
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
Feb. 20, 2017 12:15 AM EST Reads: 876
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, will present an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He will expound on the industry issues he frequently came up against as an analyst, and...
Feb. 20, 2017 12:00 AM EST Reads: 1,321
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
Feb. 19, 2017 10:30 PM EST Reads: 6,070
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Feb. 19, 2017 09:30 PM EST Reads: 763
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often un...
Feb. 19, 2017 08:00 PM EST Reads: 2,770
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
Feb. 19, 2017 06:45 PM EST Reads: 3,092
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
Feb. 19, 2017 06:15 PM EST Reads: 1,029
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...
Feb. 19, 2017 06:00 PM EST Reads: 1,349
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
Feb. 19, 2017 05:45 PM EST Reads: 5,313
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
Feb. 19, 2017 05:45 PM EST Reads: 890
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Feb. 19, 2017 05:00 PM EST Reads: 1,563
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
Feb. 19, 2017 05:00 PM EST Reads: 8,096