US Insights

Showing banks the money

Joe Hagan

Former Senior Vice President

Economy 10.15.2015 / 13:50

  • SAVE
  • Close



    Please copy the below code to embed it into your blog

Latest Retail Banking Monitor shows growing importance of Millennial consumers, advertising campaigns

The growing importance of both Millennial consumers and advertising campaigns to banks' health are among the highlights of the latest TNS Retail Banking Monitor, our market insights program for retail banks.

Millennials rising. Millennials now account for the majority of newly-established primary bank relationships. Whereas 15 years ago, Millennials accounted for just 20% bank relationships, as of 2015, they account for 54%. 

Compared to older Americans, Millennials are more likely to choose one of the three largest banks - Bank of America, Chase, and Wells Fargo - and less likely to choose a credit union or community bank. In addition to the big three, Citibank, M&T, BBVA Compass and Ally Bank have been particularly effective at attracting new primary bank relationships among Millennials.

More crowded landscape for bank advertising. Awareness of bank advertising has been rising gradually in recent years. Five years ago, five banks had 4% or higher unaided ad awareness nationally. Now, seven banks exceed 4% breakthrough unaided, including leading direct banks. Chase, formerly in second place behind Capital One, has pulled even with its competitor on ad awareness, with Bank of America and Wells Fargo not far behind. Citi, USAA and Ally are the newcomers to the 4%-and-higher group.

"Big three" competitor updates:

Bank of America. Early data, though still inconclusive, suggests Bank of America is attracting more new primary bank relationships in 2015, and losing fewer, than was true in 2014. Several factors are driving Bank of America's results in the marketplace, including an improving customer experience, a strengthening brand, and a decline in negative press and word-of-mouth.

Chase. Chase continues to grow market share impressively in 2015. Hints earlier this year that momentum was slowing have now disappeared. Total penetration and primary share are both up. And customer satisfaction, which had flattened in recent quarters, is moving up again.

Wells Fargo. Customer satisfaction at Wells Fargo has risen over the past year. The Wells Fargo brand is better known and more favorably regarded than at any time in at least six years. 


Source: Kantar TNS

Editor's Notes

Journalists, to speak with Joe Hagan or obtain additional data, contact us. Follow us @Kantar and sign up for our alerts.

Latest Stories

Retailers taking the biggest hit from COVID-19 are largely based in the mall.

Growth benefited from a comparison to very weak growth in the year-ago period when the government shut down.

COVID-19 and its effects on retail dominate discussion of Costco’s future.

Just 24% of US consumers expressed interest in the Apple Credit Card last month.

The Latin American retail sector has outperformed all other categories.

Related Content