US banks’ customers have regained a little
confidence in their financial institutions during the second half
of 2010, according to a report from BAI and Finacle.

BAI and Finacle surveyed 2,500 consumers for
its bi-annual Consumer Confidence and the Innovation Imperative
in Retail Banking report.

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Key findings included:

  • Confidence in the banking system among consumers aged 21 to 70
    rose from 10% in the first half of 2010 to just 11% in the second
    half;
  • 12% of consumers considered the US banking environment “worse”
    than in the previous six months – the same percentage as in the
    first half of 2010. In the second half of 2009, 9% of consumers had
    found the industry to be worse than at the beginning of 2009;
  • Online banking has taken over as the most frequently used
    channel, with 68% of 21 to 34 year-olds preferring it over other
    channels;
  • In the older age group of 65 to 70 year-olds, 50% of customers
    indicated that they preferred to bank online;
  • Mobile banking still lags behind other direct banking channels
    in terms of adaption: 3% of consumers aged 21 to 34 and 1% of
    consumers age 35 to 44 said that they used mobile banking
    frequently;
  • 92% considered their bank’s online banking and payments
    services high quality;
  • 44% said that the fees charged werereasonable, while 42% felt
    neutral about fees;
  • 85% said they did not expect to pay fees for current accounts.
    This was a rise of one percent over the February 2010 index,
    and
  • 52% said they knew about the fees charged by their bank, a rise
    of 5%over the February 2010 report.

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