MetaBank® Study Reveals Digital Banks Should Focus on Growing Share of Banking
These are among the actionable insights identified in new research from Meta Payments, a division of MetaBank®, N.A., and Visa®, The Digital Migration: Growing Share of Banking.
"When it comes to digital banking, our research showed many adopters view their digital accounts as an addition to their existing accounts, not a replacement. Digital banks would be well served to focus marketing and acquisition strategies on capturing the many consumers who are open to having multiple accounts," said
The Digital Migration: Growing Share of Banking examined how consumers are navigating digital banking, and is based on the responses of 1,800
- The "Hybrid" consumer could be key to unlocking digital banking growth. Hybrids are those consumers who maintain both digital-only and traditional bank accounts. This group makes up 27% of the banking population, and these individuals are six times more likely than their peers to have three or more bank accounts. Notably, members of this group are also highly unlikely to give up their traditional accounts — 77% say they'd never do so. Hybrids are simply open to trying new accounts that meet their needs.
- Why do so many consumers hold multiple bank accounts? Nearly half of the
U.S.population owns multiple accounts. For many, budgeting is a key factor, with 46% opting to leverage their accounts to separate funds for everyday spending.
- Once digital banks have homed in on their target consumer, the research showed there are a few key ways to reach them. Consumers are largely becoming aware of digital banks via digital channels, including online (40%) and via social (34%). Though digital banks are still employing traditional advertising channels like billboards and magazines, these channels have been found to be among the least effective.
Click here to download the complete The Digital Migration: Growing Share of Banking ebook, and to learn about features that drive digital account acquisition, key segment profiles, satisfaction and tenure rates and more.
As a leading provider of innovative financial solutions to consumers and businesses throughout the country, Meta is powering some of the nation's leading digital banking and payment concepts.
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