Consumers seek financial advice and comfort from non-traditional sources like TikTok, Vericast survey finds

To uncover insights into the current state of financial perceptions and priorities, Vericast, a leading marketing solutions company, conducted a survey of 1,000 adults in the United States and found that people are increasingly turning to other sources of financial information and advice.

“It’s clear that financial institutions have a critical need to innovate quickly and reinvent their approach to retaining customers,” said stephanie williams, vice president, products and marketing strategy for financial institutions at Vericast. “Banks and credit unions need to meet customers where they are, not only positioning themselves as a go-to, trusted resource delivering education through traditional strategies, but also using new channels and platforms to reach younger generations.”

Additionally, changing expectations can be met to help banks and credit unions acquire and retain customers in a volatile market environment. According to the survey, consumers expect financial institutions to accommodate them during widespread financial difficulties, such as the unprecedented inflation we are experiencing today. Seventy-nine percent expect flexibility on rates and fees, such as waiving overdrafts or late fees, while 66% say they expect it to be easier to get new lines of credit. A further 69% said notifications about lines of credit available to them and promotions on special rate offers, such as low-interest balance transfers, are also expected during times of financial instability.

Other survey findings include:

  • There is a correlation between mental well-being and the bank
    • 75% of consumers say the amount of money in their bank account impacts their mental health.
    • For this reason, nearly half (48%) prioritize building their savings account in 2022.
  • Mobile banking, interest rates and sign-up incentives factor into choosing a financial institution
    • Sixty-one percent of consumers surveyed selected mobile banking capabilities as one of the top factors influencing their choice to do business with a financial institution.
    • When asked what would persuade them to switch financial institutions, two-thirds noted better interest rates as well as incentives to open an account, such as a cash reward for signing up, while 68 % said fewer fees would encourage switching.
  • Financial priorities for 2022 show opportunity
    • In a context of market volatility, building up savings (48%), repaying debt (47%) and investing directly in equities (21%) are the main financial priorities this year.
    • Only 12% plan to open a new checking account this year and only 19% plan to open a credit card; for more than half of consumers, it has been five years or more since they opened a bank account.
    • There are opportunities for financial institutions to generate business: almost half (42%) of consumers plan to buy a car in 2022 and 34% plan to renovate their home.

About Vericast

Vericast reinvents marketing solutions one human connection at a time. By influencing the way more than 120 million households eat, buy, buy, save and borrow, Vericast fuels commerce, drives economic growth and directly accelerates the earning potential of thousands of brands and businesses. While its award-winning portfolio of products, technologies and solutions is part of Vericast’s history, its people are the real differentiators; pioneers in data intelligence, marketing services, transaction solutions, campaign management and media delivery.

SOURCE Vericast

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