A nationwide survey from Frost Bank
seeks to improve the state of consumers' banking
relationships
SAN
ANTONIO, Feb. 6, 2023 /PRNewswire/ -- Today, Frost
Bank launched findings from a recent nationwide study that found
those who feel a sense of belonging are 160% more likely to have
better financial health, but only 11% feel a sense of belonging
with their current bank today. Further, while most Americans feel
their interactions with the banks are generally positive, nearly
two-thirds admit their relationship with their bank is merely
"transactional."
Frost's research found people are looking for something more
from their banking relationship – they're looking for financial
belonging.
As part of the study, Frost set out to explore the factors that
would lead to higher levels of satisfaction in a banking
relationship. The results found financial belonging is connected to
satisfaction – consumers who are satisfied with their bank are 43
times more likely to feel a sense of belonging compared to those
who are dissatisfied with their bank. However, the current state of
financial belonging is staggeringly low (11%), compared to the 74%
who say financial belonging is important. Respondents in the Frost
survey defined financial belonging in terms of personal
relationships, such as feeling welcome and part of a community, as
well as being treated with care and respect no matter how much
money is in their bank account. We define financial belonging as
the feeling of importance and connectedness in a person's banking
relationship.
"At Frost, we believe every customer is significant, and
personal relationships are fundamental to the way we do business,"
said Chairman and CEO Phil Green.
"We set out to explore the current state of financial belonging,
along with the barriers impeding it and solutions to help people
achieve belonging and significance in their banking relationship,
because we are in the business of making people's lives better. Our
values and commitment to customers drive us to be a force for good
in people's everyday lives."
The research found four key indicators of financial belonging
that banks can provide, and consumers should seek: trust,
knowledge, access and a hybrid experience.
- Trust: Trust is key and needs to be a two-way
street. 8 in 10 say banking actions that drive two-way trust,
such as waiving overdraft fees and offering early payday, improve
belonging.
- Knowledge: Financial knowledge is the leading
driver of exclusion. The leading cause of financial exclusion is
lack of financial knowledge, with 1 in 6 citing lack of knowledge
as a key factor.
- Access: Provide access, not exclusivity. 77% say
greater access, such as multiple access points and frequent
in-person touchpoints, are effective at improving
belonging.
- Hybrid Experience: Belonging lies at the intersection of
digital and in-person services. More than two-thirds (68%) do
their banking online; however, consumers are nearly 2x more likely
to prefer in-person services when planning for major financial
events.
Frost is committed to exploring financial belonging and breaking
down the barriers that stand in people's way to better
relationships with their financial institutions, and in turn,
better financial health. This isn't the first time Frost set out to
gain a deeper understanding of factors that impact financial
health. This year's study on financial belonging is part of the
bank's ongoing commitment to research and action, helping people
improve their financial well-being. Whether it's through a
human-first approach to financial services or expanding products
and services to meet customers' needs, Frost is working to create
financial belonging and wants to share that feeling with
others.
Visit frostbank.com to learn more about the link between
financial belonging and financial health, as well as what you
should seek from a bank to establish a more meaningful
relationship.
About Frost Bank:
Frost is the banking, investments and insurance subsidiary of
Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company
with $52.9 billion in assets at
Dec. 31, 2022. One of the 50 largest
U.S. banks by asset size, Frost provides a full range of banking,
investments and insurance services to businesses and individuals in
the Austin, Corpus Christi, Dallas, Fort
Worth, Houston, Permian
Basin, Rio Grande Valley and San
Antonio regions. Founded in 1868, Frost has helped Texans
with their financial needs during three centuries. For more
information, visit www.frostbank.com.
Survey Methodology:
Frost Bank engaged TRUE Global Intelligence, the in-house
research practice of FleishmanHillard, to field an online survey to
explore consumers' current banking relationships, as well as the
role a sense of belonging plays in overall financial health. The
sample consisted of 3,000 Americans aged 18 to 76with a checking
and/or savings account at a bank. The survey was fielded between
July 27-Aug. 10, 2022. Data have been
weighted to reflect the population in terms of age, gender, region,
race/ethnicity and income. The margin of error is +/-1.8% for the
total sample (n = 3,000) and is higher for subgroups.
For more information:
Bill Day
210-220-5427 office
210-288-5498 mobile
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SOURCE Frost Bank