Large banks are not exactly in good standing with U.S. consumers right now, especially in response to now-defunct plans to impose new fees on debit card and checking accounts for no added exchange of services.
While most of these plans have been called back, Americans still feel as though they're not receiving enough from their financial institutions.
A new report from FreeMonee Network and Harris Interactive found roughly 60 percent of consumers expect their banks to find and offer them new ways to save money. More importantly, nearly two-thirds of respondents reported they would be somewhat likely to switch banks were another institution to offer customers valuable, no-strings-attached offers. Such offers include cash, specifically in the form of credit for debit or credit cards.
Even so, 90 percent of respondents claim they trust their banks, and more than half appear okay with the idea of banks using their transaction histories for marketing and advertising purposes.
"Consumers are asking banks to help them keep their wallets healthy," said Jim Taschetta, CMO of FreeMonee Network, "and the technology now exists for financial institutions to provide meaningful merchant incentives to their customers using card transaction data without sacrificing a consumer's privacy. Now is the right time to act."