Two thirds (64%) of the US bank customers are of the opinion that retail websites such as Amazon, Netflix and Zappos know more about them than their banks do, according to a report by software firm Segmint.
The online survey was conducted from 23 to 27 March 2017 among 2,201 US adults ages 18 and older (of which 2,065 have a bank account).
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The study revealed that 54% of customers are open to receiving personalised marketing communications from their bank.
Around 33% of bank customers said that the information they get from their bank is irrelevant to them, while 16% of customers find the communication from their bank annoying.
Further, 28% of customers said they expect more information from their bank about their mortgage options prior to opening their first mortgage.
The study also found that one in three bank customers are more likely to switch banks if they received tailored information from a bank they do not currently use.
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By GlobalDataSegmint president and CEO Rob Heiser said: “Financial institutions are sitting on a gold mine of customer insights to help them better guide their customers through their financial journey.
“Listening to customer’s transaction data will help banks build meaningful relationships with their customers while earning a greater share of their wallet.”
