Banks, Customers and Fees: An In-Depth Look for Bank Marketers
It’s no surprise that financial customers really don’t like fees. More importantly, they don’t understand them.
Specifically, some customers don’t understand why they are charged so-called “service” fees, when they don’t view banking as a service. The challenge for banks is in determining how to effectively communicate to their customers the value they receive in exchange for the fees they are charged. This challenge drove the creation of McGuffin Creative Group’s banking fees report—a comprehensive survey of banking customer sentiment toward banking fees.
McGuffin asked more than 1,300 U.S. adults with a bank account a series of questions to gauge their attitudes toward a range of different bank fees, how well their bank communicates their fees, and how they view their banking relationship as compared with other common service relationships. You can download the full report by filling out the form above.