December 01, 2010

In a Harris Interactive survey of 2,029 U.S. adults conducted in August on behalf of Xerox Corporation (results were released today), Americans said that although they're not unhappy with their financial institution, many would switch banks given the right incentive. Of those who currently use a bank/financial institution, 41% say their bank offers an adequate service for their financial needs, but more than one-fifth of these adults (22%) say they are satisfied but would switch banks with the right offer/incentive and 5% say they are dissatisfied and looking/willing to look for a new bank.

The survey respondents are surprisingly negative about the Dodd-Frank financial reform, which is intended to protect consumers from ill-considered bank practices. Nearly one-third (32%) of U.S. adults feel consumers have the least to gain from the Dodd-Frank financial reform bill, almost one-quarter (23%) believe that big financial institutions have the least to gain.

Americans are fine with their bank communications, according to the research. Of those who receive communications from their financial services provider, nearly all (94%) find the communication at least somewhat relevant. Nearly two-thirds (65%) find the communication to be very relevant/relevant. Only 6% say these communications are not at all relevant. Similarly, the vast majority (98%) say they are at least somewhat satisfied with the delivery method with which they receive bank statements.