People prefer to put their money where the simplicity is. And in the U.S., consumers believe credit unions and community banks provide them with a simpler experience than a national or global bank.
The Global Brand Simplicity Index, which surveyed more than 1,000 U.S. consumers, found that less than 36% of consumers considered global and national banks to be the simplest type of bank. The majority of consumers, however, said they prefer credit unions and local banks.
U.S. consumers said they're willing to spend $3.3 billion for simpler banking experiences – money that they would pay to smaller institutions for the accessibility, safety and trust that they're not finding at global and national banks, according to the survey released Tuesday by Siegel+Gale, a New York-based global strategic branding firm.
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