New Study: Access to Online and Mobile Services Changes what Bank Customers Value

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Chadwick Martin Bailey finds 43 percent of bank customers believe online banking services are key to convenience

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The growth of online and mobile banking services means convenience and accessibility don’t belong solely to large bank customers.

A new study of over 1,400 consumers, from market research firm Chadwick Martin Bailey, finds credit unions are catching up with larger banks in the race for online banking convenience. For years large banks have been the choice of customers who valued convenience, while smaller banks and credit unions were chosen for personal service. The ease of online and mobile banking is changing this dynamic, as credit unions offer remote services, and bridge the convenience gap for their customers. Additional findings include:

  •     For many bank customers, online banking is a key element of banking convenience: Sixty-four percent of all bank customers utilize online banking in some form, and a fifth have used mobile banking. While customers still value branch and ATM access, 43% agree online services are a key element of banking service.
  •     Banks can differentiate themselves by offering good service—including online and mobile banking: Nearly half (48%) of bank customers believe banks can differentiate themselves with good service. The definition of “good service” is evolving; convenience is no longer just about more branches and ATMs, but also about innovative technologies and remote banking options.
  •     Credit unions are upending the stereotype of being less tech savvy than larger banks: While larger banks have a reputation for offering the most online and mobile services, credit union customers report online banking usage that is just as high as larger bank customers, and they give their institutions higher marks on performance.

“These findings suggest a new banking value proposition is emerging,” says Jim Garrity, Managing Director of Chadwick Martin Bailey’s Financial Services practice. “The growth of online and mobile banking services means convenience and accessibility don’t belong solely to large bank customers. Banks able to provide secure, usable, and reliable online services combined with top notch service will be most competitive.”

About this Research
This study was done as part of Chadwick Martin Bailey’s self-funded CMB Consumer Pulse program. A report with additional findings from this study is available as a free download from Chadwick Martin Bailey. Data was collected from 1,433 U.S. residents, aged 18 to 75, via a nationally representative online survey questionnaire within the United States. The survey was conducted by Chadwick Martin Bailey in February of 2012. Click the link to download the report:

About Chadwick Martin Bailey
Chadwick Martin Bailey is a Honomichl 50 ranked custom market research firm who works with many of the most successful companies and best known brands in the world to help them acquire, maintain, and grow their customer base. Founded in 1984 in Boston, the company serves clients in more than 30 countries around the globe. Chadwick Martin Bailey focuses on using leading-edge research techniques to collect and translate data into simple, business decision-focused deliverables. For more information visit

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