Financial Institutions and Customer Loyalty: The Value Of Investing In Your Community
New Survey Shows Local Charitable Support Holds Big Sway Over Where People Bank
Nearly 3 in 10 consumers said they would consider moving their accounts from a bank that didn’t support local charities. In “Financial Institutions and Customer Loyalty: The Value Of Investing In Your Community,” a collaboration with Elan, PYMNTS surveyed 2,504 U.S. consumers to find out how charitable contributions influence their decisions about where to take their business.
Inside the July Report
- 42% of consumers who contributed to charity did business with their community’s service providers
- 20% of consumers who spend less than $1,000 on their credit cards each month without revolving a balance say they would switch their financial institution based upon its charitable support
- 57% of consumers who volunteer significant time to charity and donate more than $1,000 each year say they would switch their financial institution based on its charitable support