21 Statistics Every Bank or Credit Union Executive Should Know

21 facts, 5 categories.

If you're an executive at a financial institution, these are some stats you can't afford to not know:

 State of the Industry

1. In a study of 200 different products and services that looked at product differentiation, banking scored 0%. (Differentiate or Die)
2. 70% of consumers consider their relationship with their bank to be transactional in nature, rather than relationship-driven. (Evergage)
3. Studies show that the average household has 16 different banking products and services, but less than three of those 16 are provided by one financial institution. (2018 DBSI Digital Signage Agency Report)
4. The four biggest banks control roughly 37% of all the country's total deposits. (American Banker)

In-Branch Marketing & Client Communications

1. 91% of financial institutions stated that their marketing budget will increase in the next year. (BrandPoint)
2. More than 50% of banks either do not measure ROI (Return on Investment) for their marketing at all or measure it in less than 25% of their campaigns.  (Blue Fountain Media)
3. 56% of financial institutions work with a third-party marketing agency. (BrandPoint)
4. 58% of millennials are interested in their bank “proactively recommending products or services.” This is compared to 46% of those over 55. (MX)

Staffing Models & Operations

1. Bank and CU employees are changing jobs at the fastest pace in 10 years, with nonofficer turnover at 18.7% and officer turnover at nearly 7%. (Crowe Howarth)
2. Client satisfaction doubles when they receive higher-level, advisory-style interactions with staff, like giving advice, proactive offerings and needs assessments. (FMSI)
3. 92% of executives ranked tablet-based universal associates as a must-have, yet only 10% have successfully implemented the universal associate model. (CELENT) 
4. 3.6% of financial institutions are planning to reduce staffing, 34.1% to maintain staffing levels, 36% for normal growth, and 13.8% aim to expand.  (Crowe Howarth)
5. Staffing costs for financial institutions have jumped almost 148% in just under 30 years. (American Banker)

Branch Design 

1. 47% of financial institutions plan to build fewer branches this coming year, 30% plan to build more branches, and 20% plan to keep their branch network the same. And of these, 81% of financial institutions plan to invest in a new design or branch model. (Efma/Synechron) 
2. When it comes to branch design, the top three goals a financial institution has are to come across as a trusted and secure institution (40%), appear as though they provide community collaboration (24%), and to provide a futuristic and digital-first environment (18%). (Efma/Synechron)
3. 1 in 4 clients said they will not even consider a bank or credit union that doesn’t have a branch near them. (Biz Tech Magazine)
4. Today, the average size of a new branch is about 2,500 square feet. (Independent Banker)

Financial Technologies

1. About 46% of today’s consumers use digital channels exclusively for their personal banking. (Singularity University)
2. 81% of banking CEOs are concerned about the speed of technological change, more than any other industry sector. (PWC)
3. By 2020, 90% of smartphone users will have made a mobile payment. (TechCrunch)
4. It’s estimated that 1.2 million people working in banking and lending will be replaced by technology by 2030. (Autonomous Research)