Black Consumers and the Banking Experience - US - March 2019
Covered in this report
This report analyzes black consumers’ attitudes and perceptions regarding their experience in managing financial accounts at banks, credit unions, savings and loan associations and alternative institutions including currency exchanges and check-cashing locations.
"The majority of Black consumers have at least one bank account, but the share is slightly lower than the general market. Black consumers are satisfied with their bank, which is rooted in the anytime, anywhere customer service they receive plus tools to help them manage their money. Customer service and tools are must-haves for this consumer, but transparency in bank business practices will make them loyal."
- Toya Mitchell, Multicultural Analyst
This Report looks at the following areas:
- Basic account ownership is high, but few have investment or loan accounts
- Black banking segments reflect expectations and financial goals
- Lower loan account ownership attributed to more credit denials
- National banks are #1, but low- and no-fee banks hold value
- ATMs’ easy, convenient and trusted performance is preferred over other platforms
- Most are satisfied with their bank, but poor treatment can prompt loyal customers to leave
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