GoBank, which launched today as a brand of Green Dot Corporation (NYSE: GDOT) released the results of its December 2012 “State of the Bank” survey conducted online nationwide, on its behalf, by Harris Interactive. The survey finds that a vast majority of Americans 1 don’t fully trust big banks, and numerous people are surprised by fees or feel they’re simply unfair. Americans are moving away from traditional bank services like paper checks and bank branches to seek out more innovative, mobile banking solutions that are trustworthy and transparent. To see an info-graphic that highlights the survey results, visit http://press.gobank.com/StateoftheBank.
Americans Don’t Fully Trust Big Banks
The comprehensive survey asked Americans about their current perceptions of banks.
- Nearly two-thirds (64%) say they do not fully trust big banks.
- When asked about their bank in particular, the vast majority of people (87%) do not feel their bank is transparent, and 68% do not perceive their bank as being “on their side.”
- These perceptions are driven in part by Americans’ experiences with bank fees: 30% say they are sometimes surprised by unexpected bank fees, and 31% claim their bank’s fees are simply unfair.
- It’s clear that some Americans are facing challenges when 40% say that dealing with their bank or finances stresses them out sometimes.
Banks Lack InnovationIn addition to specific perceptions about banks, people were asked to discuss their sense of innovation across several U.S. industries. When asked which industries have been the most innovative over the last 10 years, banking was one of the lowest, with only airlines and pet care viewed as less innovative. The most innovative industries identified were computers and mobile phones. Along those lines, when asked who would build a better, more modern bank, two-thirds (66%) of checking account holders chose Silicon Valley over Wall Street.