Santander US Research Finds Consumers Resilient Despite Uncertainty - Seite 2

Hybrid Banking

The survey further explored many middle-income Americans increasing preference for digital banking access. Digital offerings are one of the top factors influencing the selection of banking providers, with 97% of middle-income Americans saying it is important to them, including 75% who consider it very important. More than 90% of respondents have completed a digital banking transaction in the past month, a finding that was generally consistent across generational cohorts. Additionally, most middle-income customers (88%) are completing at least half of their transactions digitally.

A Missed Opportunity?

While concerns about inflation persist, just over three in 10 middle-income Americans have moved deposits to higher-yielding accounts in an effort to take advantage of rising interest rates since the beginning of 2022. Still, 68% of middle-income Americans have not moved deposits into higher-yielding accounts, possibly leaving billions on the table in earned interest. Middle-income customers appear to have interest in higher-yielding accounts though. More than nine in 10 (93%) said competitive rates are an important factor when selecting a banking provider, and when asked what they would do with a $50,000 inheritance, saving it in a high-yield account such as a savings account or CD ranked #2 on a list of options.

The study was conducted by Morning Consult on behalf of Santander US from May 23-24, 2023. The research surveyed 2,213 American bank and/or financial services customers, ages 18-76. All participants have annual household income between $47,000 and $142,000, and were employed or looking for work. The interviews were conducted online, and the margin of error is +/- 2 percentage points for the total audience at a 95% confidence level. The data was weighted to target population proportions for a representative sample based on age, gender, ethnicity, region, and education.

The full report and more information about the Santander US survey is available here.

About Santander US

Santander Holdings USA, Inc. (SHUSA) is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) (Santander), a global banking group with 161 million customers in the U.S., Europe and Latin America. As the intermediate holding company for Santander’s U.S. businesses, SHUSA is the parent company of financial companies with approximately 13,700 employees, 4.5 million customers, and $168 billion in assets, as of December 2022. These include Santander Bank, N.A., Santander Consumer USA Holdings Inc., Banco Santander International, Santander Securities LLC, Santander US Capital Markets LLC and several other subsidiaries. Santander US is recognized as a top 10 auto lender, a top 10 multifamily lender, and a top 10 commercial real estate lender, and has a growing wealth management business. For more information about Santander US, please visit www.santanderus.com.