Study Shows How We Choose Banks

JD Power and Associates released their first annual study of how consumers choose banks.

The main factors:

"The study finds that 36 percent of a shopper’s selection decision is driven by the bank’s brand image, while branch proximity (21%) and products and services (14%) also considerably influence which bank shoppers ultimately choose."

This makes sense, but I think the "brand image" category (which included perception of the bank's financial strength) was a little higher this year than it would have been in the past. Before the slew of bank failures last year, financial strength was probably the last thing on many consumers' minds.

Another key factor is customer service - what prospective customers experience before opening an account, and how they're treated once they sign up. We tend to avoid banks we've had bad experiences with.

How do you like your bank? Share your bank's story at our bank review page.

Further reading:

• Choosing a Bank
• What Happens in Bank Failures?