100 LIBERTY CITY BANKING SURVEY - The Metropolitan · PDF fileThe percentage of residents who...

100

LIBERTY CITY

BANKING SURVEY

FINAL REPORT

February 28, 2012

1101 Brickell Ave, Suite S-200 Miami, FL 33131

Phone: 305-779-7872 Fax: 305-779-7880

Website: http://metropolitan.fiu.edu/

1

EXECUTIVE SUMMARY

The Metropolitan Center at Florida International University conducted a telephone survey of 406

residents of the Liberty city area from January 30 through February 17, 2012. The purpose of the

survey was to provide estimates of household size, and to assess consumer expenditures and needs.

The survey results show that the majority of area resident have positive views of banks. The majority

(78.6%) believe banks are trustworthy and 66.0% indicated the same of credit unions. Having a bank

is important for most residents (86.5%) and the majority (85.0%) has accounts at a bank or credit

union. Of the 61 respondents who do not have a bank account, 26 or 42.6% indicated they have no

use for a bank and 18 or 29.5% prefer to keep their cash on hand

There appears to be some demands for banks in the area, as 18.4% of respondents disagree with the

statement that there are enough banks in the area. Moreover, 27.8% of those who have a bank

account reported that their primary bank is not located in their area. The most widely used banking

services were checking (82.5%) and savings accounts (64.5%), followed by debit (42.9%) and credit

cards (37.2%). Since the respondents were allowed to provide multiple answers, the results show that

most respondents use a bundle of services. The majority of those who have checking/savings account

(74.5%) have not paid a low balance fee over the past 12 months. However, 11.0% (38 respondents)

have paid a low balance fee at least once but no more than three times, and 5.2% (18) paid such a

fee more than four times.

The percentage of residents who use banks is inversely related to the percentage of those who do not

use check cashing services at places other than banks. The majority (74.4%) reported they almost

never do, while 11.1% do it only once or twice a year. However, 14.5% cash checks at places other

than banks at least a few times a year and do so for a variety of reasons including to get money faster

(32 respondents), and because the place where they cash their checks is more convenient than a

bank (30 respondents). A larger percentage of respondents in retirement age cash checks at places

other than banks (20.2%), than younger ones (6.8% in 18-34 age group).

A small percentage of respondents (12.3%) have considered borrowing money or obtaining a credit

card in the past 12 months. Of those 50 respondents, 38 considered obtaining a credit card, 6

considered a home mortgage loan, and 4 contemplated a small business loan. A significantly larger

percentage of younger (20.5% in the 18-34 age group) than older respondents (1.7% in the 65+ group)

indicated they have considered borrowing money or obtaining credit in the past 12 months.

While there is a multitude of factors that the respondents consider important when choosing a bank,

the ones mentioned as important by the largest percentage of respondents include a comfortable

environment in the bank (91.9%), the bank offering a full range of services (82.0%), and the bank

having ATM’s at many locations (81.3%). Some of the factors of importance are age specific. For

example, proximity to place of residence, availability of ATMs at many locations and online access to

their account and bill payment are important for significantly larger percentage of younger residents.

The difference in preference is also related to the different levels of digital literacy across age groups.

Overall, 57.1% of respondents have access to a computer with Internet service and 34.0% indicated

they bank online. Across age groups, 76.9% of respondents aged 18-34 bank online, only 40.0% of

those aged 35-64 and 20.0% of those older than 65 indicated the same. Similar observations can be

made in reference to cell phone ownership and use. Overall 65.5% of the respondents have a cell

phone. However, none of those older than 65 indicated use their cell phones to access the Internet,

compared to 63.6% of those 18-34 years of age. Additionally, while only a third (32.5%) would prefer

online banking to visiting a bank branch, the preference for online banking is much stronger among

younger respondents (70.5%) than those of retirement age (5.1%).

2

TABLE OF CONTENTS

EXECUTIVE SUMMARY ............................................................................................................................ 1

METHODOLOGY ...................................................................................................................................... 3

OVERALL SURVEY RESULTS ................................................................................................................... 4

DEMOGRAPHIC INFORMATION ............................................................................................................... 4 ATTITUDES TOWARDS FINANCIAL SERVICE PROVIDERS....................................................................... 6 USE OF FINANCIAL SERVICES FROM BANKS AND CREDIT UNIONS ..................................................... 8 MOTIVATIONS FOR USING A BANK ...................................................................................................... 13 USE OF ONLINE BANKING .................................................................................................................... 16 OPEN-ENDED COMMENTS ................................................................................................................... 21

Figure: General Attitudes towards Banks .................................................................................................................... 6

Figure: General Attitudes towards Banks by Age ........................................................................................................ 7

Figure: Bank Use and Location .................................................................................................................................... 8

Figure: Bank Use by Age Group.................................................................................................................................... 8

Figure: Bank Services Used ......................................................................................................................................... 9

Figure: Bank Services Used by Age Group ................................................................................................................ 10

Figure: Bank Services Used by Income Group .......................................................................................................... 10

Figure: Use of Pre-Paid Cards .................................................................................................................................... 12

Figure: Factors of Importance when Choosing a Bank ............................................................................................. 13

Figure: Factors of Importance when Choosing a Bank by Age ................................................................................. 14

Figure: Factors of Importance when Choosing a Bank by Income ........................................................................... 15

Figure: Use of Internet ................................................................................................................................................ 16

Figure: Use of Internet by Income .............................................................................................................................. 16

Figure: Use of Cell Phones* ....................................................................................................................................... 17

Figure: Technology Comfort Levels ............................................................................................................................ 18

Figure: Technology Comfort Levels by Age ................................................................................................................ 19

Figure: Technology Comfort Levels by Income .......................................................................................................... 20

APPENDIX A: OVERALL RESULTS…………………………………………………………………………………………………22

APPENDIX B: RESULTS BY AGE……………………………………………………………………………………………………47

APPENDIX C: RESULTS BY INCOME..……………………………………………………………………………………………82

APPENDIX D: SELECTED CROSSTABULATIONS…..………………………………………………………………………138

3

METHODOLOGY

The 406 survey responses were collected from a random sample of Liberty city area residents. The

respondents were adult household members who were informed at the survey start of the general

purpose of the survey to learn whether the financial institutions in your area meet the residents’ needs.

The survey instrument was designed by the client, in collaboration with the FIU Metropolitan Center.

The questionnaire included general questions assessing attitudes towards and trustworthiness of

financial service institutions, use of various services, and the use of technology for banking and

financial transactions. The survey also collected demographic information from the participating

respondents. A filter question was used at the beginning of the survey for the purpose of selecting

respondents who have responsibility over making financial decisions for their household. The results

are based on respondents who indicated they participate “a lot” or “some” in making financial

decisions for their households.

The survey participants were obtained from a list of approximately 4,500 households with address

locations within the two mile radius of the Liberty city area. Responses were solicited by expert

interviewers fluent in English, Spanish, and Creole, and responses were collected in the respondent’s

language of choice.

The survey was implemented over a three week period, from January 30 through February 17, 2012.

Survey calls were made in the evening on workdays, as well as on Sundays, from noon until 7 pm,

excluding holidays.

The 406 survey responses provide for a 95% confidence interval and a +/- 5% margin of error.

It should be noted that the survey was conducted over the phone with the adult householder who

answered the phone. All demographic questions were asked at the end of the survey, and responses

were collected and analyzed regardless of demographic characteristics. Moreover, calls were only

made to landline phones and this method of response collection over samples people of higher age,

income and educational attainment. By comparison, cell phone only users are younger, less affluent,

less likely to be married or to own their home.

4

OVERALL SURVEY RESULTS

DEMOGRAPHIC INFORMATION

In the survey sample, 140 respondents were male (34.5%) while 266 were female (65.5%).

The majority of the respondents completed the survey in English (86.7%), while 9.6% provided

their responses in Creole and 3.7% in Spanish.

Respondents were distributed across the four ZIP codes which include sections of the Liberty

City area with the majority of respondents from ZIP codes 33127 and 33142 (27.6% and

43.1% respectively). Approximately 12.6% reside in ZIP code 33147 and 16.7% in 33150.

Almost a third of the respondents (31.3%) refused to provide their income. Those who agreed

to provide their household income were in the following income ranges:

Under $20,000 – 12.3%

$20,000-$40,000 – 24.9%

$40,000 - $60,000 – 21.2%

$60,000 - $80,000 – 7.4%

$80,000 - $100,000 – 1.0%

OVER $100,000 - 2.0%

*The letter “K” will be used hereafter to denote 1,000 (one thousand).

In terms of employment, more than a third of the respondents (39.4%) indicated they are

employed full time, while 31.3% were retired. In addition,

10.3% were employed part time

9.4% indicated they were

unemployed

2.5% were students, and

2.0% were homemakers.

The distribution of respondents by age group is as follows:

8.4% were in the 18-24 age group






13.3% were in 75 years of age and older

The respondents were also asked to provide an estimation on the occurrence of a number of

life events over the next twelve months. Their responses are as follows:

25.1% would start college

21.2% would move

18.7% would start a new job

12.6% would remodel their homes

9.9% would start a business

9.9% would purchase a home

8.4% would retire

6.2% would undergo a major

medical procedure

4.9% would get married

4.4% would have a child

3.9% would expand an existing business

3.4% would get divorced or separated

2.5% would begin a technical or vocational

program

2.0% would have someone move into their

home for an extended stay

33.5% estimated none of the above events

would occur in the next year

6

ATTITUDES TOWARDS FINANCIAL SERVICE PROVIDERS

The survey included general questions which gauge the attitudes of residents towards financial service

providers. The results of these questions are presented below.

The majority of Liberty city area residents share positive views of banks, with 64.2% indicating

that the community benefits from having a bank branch located within the neighborhood.

Having a bank account is important for almost nine out of ten residents (86.5%). However,

78.8% believe there are enough banks in their area.

Figure: General Attitudes towards Banks

Having a bank account is important to a higher percentage of respondents in the 35-

64 age range(90.0%) than respondents in the 18-34 age group (84.1%) or the ‘65 and

over’ group (83.2%).

However, older residents are less likely to see benefits from having a bank branch

located in their community. While 72.8% of respondents in the 18-34 age group agree

the community benefits, only 64.4% of those in the 35-64 age range and 57.2% older

than 65 indicated the same.

Residents have different views on banks depending on their income category. While

having a bank is important for 100% (42 respondents) of those with income over

$60,000, only 76.0% of those with income under $20,000 reported the same, as well

as 84.2% of those in the $20-40,000 income range and 95.3% of those in the $40-

60,000 range.

The percentage of those who agree there are enough banks in their area is largest

among residents with income over $60,000 – 85.7%, and decreases in the lower

income groups, down to 68.0% in the “under $20,000” group.

Having a bank account is importantto me.

There are enough banks in my area.

The community benefits from havinga bank branch located within the

neighborhood.

86.5%

78.8%

64.2%

11.6%

18.4%

23.9%

Strongly/Somewhat Agree Unsure Strongly/Somewhat Disagree

7

The residents’ positive attitude towards banks is further demonstrated in the trustworthiness

they assign to banks, especially in comparison to other financial service providers. While

78.6% of residents believe banks are trustworthy and 66.0% indicated the same of credit

unions, only 16.3% had the same opinion of check cashers/payday lenders.

There are no significant differences across age groups in terms of their trust in banks,

however, a smaller percentage of residents older than 65 (57.1%) finds credit unions

trustworthy than those in the younger age groups (70%). Instead, more older residents

indicated they were neutral on this issue with regards to credit unions, possibly

because of their sufficient lack of knowledge of this type of financial institution.

A larger percentage of residents in the 65+ age group find check cashers untrustworthy

(53.8%) than those in the younger age groups.

Figure: General Attitudes towards Banks by Age

Pawn shops

Liquor stores/Conveniencestores

Check cashers/Payday lenders

Supermarkets

Credit Unions

Banks

5.9%

11.3%

16.3%

44.3%

66.0%

78.6%

69.2%

57.2%

48.7%

22.2%

9.6%

15.6%

Trustworthy/Very trustworthy

Neutral

Not trustworthy/Highly untrustworthy

8

USE OF FINANCIAL SERVICES FROM BANKS AND CREDIT UNIONS

The majority of respondents (85.0%) have an account with a bank or credit union. The

majority of those who have and account with a bank or credit union indicated their primary

financial institution is located in their area of residence (72.2%).

Figure: Bank Use and Location

A higher percentage of respondents in their retirement age do not have an account at

a bank or a credit union (25.2%), than the younger age groups.

Figure: Bank Use by Age Group

The percentage of residents who have a bank account increases from the lower

income categories to the highest one. While 62.0% with income under $20,000 have

a bank account, the same is true for 85.1%, 93.0% and 100% of those in the $20-

40K, $40-60K and over $60K categories respectively.

88.6%

11.4%

90.0%

10.0%

74.8%

25.2%

Have an account Do not have an account

18-34% 35-64 65+

Primary bank

located in area, 72.2%

Bank not in area, 27.8%

Have an account,

85.0%

Do not have an account,

15.0%

9

Of those 61 respondents (15.0%) without a bank account

28 or 45.9% had an account but chose to close it,

14 or 23.0% never had an account anywhere,

6 or 9.8% reported that the bank closed their account, and

Others indicated a variety of other responses, including not having enough money,

not needing an account or not wanting one

The respondents who do not have a bank account expressed a variety of reasons for not

having one. Of the 61 respondents who do not have a bank account,

26 or 42.6% indicated they have no use for a bank

18 or 29.5% indicated they prefer to keep their cash on hand

9 or 14.8% do not trust bank

9 or 14.8% do not have enough money to need an account

For 4 respondents or 6.6% the minimum balance requirement is too high

4 respondents or 6.6% indicated that the bank did not make them feel comfortable

Other reasons include the absence of banks in close proximity (2 respondents) and a

language barrier at the bank (3 respondents)

Additionally, none of the respondents indicated the following statements as a reason

for not having a bank account

The banks in the area do not have the type of services I need

The service charges are too high

Bounced too many checks or had too many overdrafts

The bank had inconvenient hours

The bank took too long to clear checks

The survey respondents in the retirement age who do not have a bank account do

not believe their need one, and would not be motivated by any type of offering to

open an account.

The majority of those 85.0% of respondents who indicated they own a bank account have a

checking (82.5%) or a savings account (64.5%). Business loans, remittance services and

personal loans are the least used types of financial products by Liberty city area residents.

Figure: Bank Services Used

10

There are some important differences across age groups on the types of bank

services they use. The figure below shows that a smaller percentage of older

residents use a bundle of services provided by banks. (The percentages exceed

100% because the respondents could provide multiple answers.)

Figure: Bank Services Used by Age Group

There are also significant differences across income groups on the types of bank

services they use. The figure below shows that a larger percentage of affluent

respondents utilizes all types of services, apart from checking accounts.

Figure: Bank Services Used by Income Group

0% 20% 40% 60% 80% 100%

Business loan

Remittance services

Personal loan

Money orders

Mortgage

ATM card

Credit Card

Debit card

Savings

Checking

2.0%

3.4%

3.9%

15.0%

16.3%

36.0%

37.2%

42.9%

64.5%

82.5%

18-34

35-64

65+

40.9%

44.4%

21.0%

40.9%

47.8%

20.2%

54.5%

52.2%

23.5%

81.8%

68.9%

45.4%

86.4%

88.9%

71.4%

ATM card Credit Card Debit card

11

The majority (74.5%) of those who have either a checking or a savings account indicated that

during the last twelve months they have never paid a low balance fee. However 11.0% (38

respondents) have paid a low balance fee at least once but no more than three times, and

4.1% (14) paid such a fee more than six times.

A larger percentage of respondents 65+ indicated they have never paid a low

balance fee (85.2%), compared to 72.2% of those in the 18-34 age group and 56.5%

in the 35-64 age group.

A larger percentage of respondents in the lower income categories (80.6% with

income under $20K) indicated they have never paid a low balance fee, compared to

69.0% of respondents with income above $60K.

Although some respondents use check cashing services at places other than banks, the

majority (74.4%) reported they almost never do, while 11.1% do it only once or twice a year.

However, 14.5% cash checks at places other than banks at least a few times a year and do

so for a variety of reasons including

To get money faster (32 respondents),

The place where they cash their checks is more convenient than a bank (30

respondents),

Not having a bank account (27 respondents), and

Feeling more comfortable than in a bank (13 respondents)

Consistent with the result mentioned above in reference to older respondents being

more likely not to have a bank account, a larger percentage of respondents in

retirement age cash checks at places other than banks (20.2%), than younger

residents (6.8% of those in 18-34 age group).

Respondents in the higher income categories are less likely to use check cashing

services at places other than banks. While 60.0% of those with income under $20K

25.8%

12.9%

58.1%

64.5%

87.1%

41.9%

39.5%

53.5%

77.9%

97.7%

60.0%

70.0%

52.5%

75.0%

100.0%

81.0%

76.2%

71.4%

95.2%

95.2%

ATMcard

CreditCard

Debitcard

Savings

Checking

Over $60K $40-60K $20-40K Under $20K

12

indicated they had almost never cashed a check at a place other than a bank, 90.5%

of those with income over $60K reported the same.

The majority of respondents receive payments via direct deposit (61.1%) but a significant

percentage (19.5%) receives checks. Additionally, 6.7% receive cash payments while 3.4%

receive pre-paid cards.

A small percentage of respondents (12.3%) have considered borrowing money or obtaining a

credit card in the past 12 months. Of those 50 respondents

38 considered obtaining a credit card,

6 considered a home mortgage loan

4 contemplated a small business loan,

Two thought about a line of credit

Of those 50 who considered borrowing money or obtaining a credit card,

18 applied and were approved

16 applied and were denied

12 did not apply because they do not believe they would be approved

2 do not know how/where to apply, and

2 only considered but never took any steps beyond.

A significantly larger percentage of younger (20.5% in the 18-34 age group) than older

respondents (1.7% in the 65+ group) indicated they have considered borrowing money or

obtaining credit in the past 12 months.

Liberty city area residents were asked about their use of financial services that are

traditionally offered by providers other than banks. With regards to these services

12 respondents (3.0%) have used a payday loan

12 (3.0%) have sold items at a pawn shop

12 (3.0%) have used a layaway

4 (1.0%) have obtained a tax refund anticipation loan

2 ( 0.5%) have had a rent-to-own agreement

The overwhelming majority (93.6%) have not used any of these services

The MAIN reasons why the respondents themselves or anyone in their households needed

either of these financial services, payday loan, selling items at a pawn shop, layaway, a tax

refund loan or rent-to-own agreement include

For basic living expenses (9 respondents)

To make up for lost income (5 respondents)

For house repairs or to buy an appliance (5 respondents)

For car repairs (5 respondents)

For special gifts or luxuries (2 respondents)

For medical expenses (1 respondent)

For school or childcare expenses (1 respondent)

Liberty city area residents were also asked to indicate their level of use of pre-paid cards,

and the majority (92.1%) indicated they have never used such cards. Only 2.0% (8

respondents) have used pre-paid cards more than six times.

12

Figure: Use of Pre-Paid Cards

92.1%

4.9%1.0% 2.0%

Never

1-3 times

4-6 times

13

MOTIVATIONS FOR USING A BANK

More than a third of the 61 respondents who do not have a bank account (39.3%) would not

be motivated to open an account for any reason. For the rest of the respondents, the

motivating factors would be

Checking services (8 respondents)

Savings options (6 respondents)

ATM card (6 respondents)

Having a job (5 respondents)

Having money (5 respondents)

Debit card (4 respondents)

Money orders (2 respondents)

The most frequently mentioned factor of importance when choosing a bank for the Liberty

city area residents is that the bank has a comfortable environment (91.9%), followed by the

bank offering a full range of services (82.0%) and having ATMs at many locations (81.3%).

Figure: Factors of Importance when Choosing a Bank

0% 20% 40% 60% 80% 100%

Is a credit union

Online bill payment

Is open on Sundays

Is a national bank

Online access to my account

Has drive-through tellers

Has many branches

Is open on Saturdays

Is located close to where I live

Has ATMs at many locations

Offers a full range of services

Has a comfortable environment

30.0%

42.8%

48.2%

51.2%

53.9%

59.8%

62.3%

70.2%

79.1%

81.3%

82.0%

91.9%

34.0%

52.9%

48.6%

35.2%

42.8%

36.4%

23.4%

27.1%

17.7%

15.8%

15.8%

5.4%

Important/Very important Neutral Not important/Of little importance

14

There are some significant differences across age groups in terms of the importance

they ascribe to different factors when choosing a bank. For example, access to online

banking is important for a larger percentage of younger respondents

Figure: Factors of Importance when Choosing a Bank by Age

Is a credit union

Online bill payment

Is open on Sundays

Is a national bank


Has drive-through tellers

Has many branches

Is open on Saturdays

Is located close to where I live


Offers a full range of services

Has a comfortable environment

15.9%

70.5%

56.8%

56.8%

90.9%

68.2%

72.8%

79.5%

90.9%

97.7%

90.9%

97.7%

43.4%

52.2%

56.6%

47.8%

62.2%

67.8%

63.3%

77.8%

82.3%

88.9%

85.5%

96.7%

17.7%

11.7%

29.4%

51.3%

18.5%

46.2%

52.1%

52.1%

68.9%

58.0%

69.0%

80.6%

65+

35-64

18-34

15

There are a few motivating factors when choosing a bank which are important for a

significantly larger percentage of respondents in the higher income groups. The

overwhelming majority of more affluent respondents indicated a comfortable bank

environment and access to ATMs at many location as factors of importance when

choosing a bank. Also, digital bank access seems to be of greater importance for the

more affluent respondents.

Figure: Factors of Importance when Choosing a Bank by Income

20.0%

28.0%

58.0%

78.0%

51.5%

61.4%

85.2%

92.1%

51.2%

65.1%

95.3%

97.7%

61.9%

76.1%

90.5%

100.0%

Online bill payment



Has a comfortableenvironment

Over $60K

$40-60K

$20-40K

Under $20K

16

USE OF ONLINE BANKING

A small majority of respondents (57.1%) indicated they have access to a computer with

Internet service. Overall,

27.6% shop online

34.0% bank online

27.1% use automatic bill pay

60.1% of respondents do not engage in any of the above activities

Figure: Use of Internet

There are significant differences across age groups in Internet access, with 88.6% of

those in the 18-24 age group having Internet access, compared to only 70.0% of

those in the 35-64 age range and 16.8% aged 65+.

o A larger percentage of respondents in the younger age groups conduct

financial services online than older residents. For example, while 76.9% of

respondents aged 18-34 bank online, only 40.0% of those aged 35-64 and

20.0% of those older than 65 indicated the same.

Internet use is also related to respondent’s income. While only a third (34.0%) of

respondents with income under $20K have access to a computer with Internet

service, 90.5% of those with income over $60K indicated the same.

Figure: Use of Internet by Income

27.6%

34.0%

27.1%

60.1%

Shop online

Bank online

Automatic bill pay

None of the above

34.0%

55.4%67.4%

90.5%

0%

20%

40%

60%

80%

100%

Under $20K $20-40K $40-60K Over $60K

17

Approximately 65.5% of the respondents have a cell phone. In general however, only

27.1% use their cell phone to access the Internet

37.9% send messages on their cell phones

27.1% regularly use apps on their cell phones

60.1% do not engage in any of the above activities

Figure: Use of Cell Phones*

*The percentage total exceeds 100 percent as the

respondents could provide more than one answer.

Younger Liberty city area residents are more likely to own and use cell phones.

o 90.9% of those aged 18-34 have cell phones and 63.6% use their cell

phones to access the Internet

o 73.3% of those aged 35-64 have cell phones and 39.4% use their cell

phones to access the Internet

o 37.0% of those older than 65 have cell phones and none of them use their

cell phones to access the Internet

A larger percentage of affluent Liberty city area residents own cell phones and use

them to access the Internet for various reasons.

o 48.0% of those with income under $20K have cell phones, compared to

62.4% and 69.8% of those with incomes $20-40K and $40-60K respectively,

and 95.2% of respondents with income over $60K.

o Only 8.0% of respondents with income under $20K use their cell phones to

access the Internet, compared to 76.2% of those with income over $60K.

Most respondents are not comfortable using their cell phones for financial transactions.

Only 7.9% feel comfortable with the idea of managing their money through an app or

text messages on their cell phones

Only 26.4% are comfortable with the idea of using their cell phones to make

purchases just like if it were a credit card

Approximately a third (32.5%) would prefer online banking to visiting a bank branch.

27.1%

37.9%

21.7%

57.1%

Use cellphone toaccess Internet

Send text messages

Regularly use apps

None of the above

18

Interestingly, only 23.9% believe bank branches are necessary for the types of financial

services they use. This result may be correlated with 74.4% of respondents preferring to

receive regular payments through direct deposit, i.e. as more employees receive their

paychecks via direct deposit, there is less need for bank branches.

Figure: Technology Comfort Levels

I am comfortable with the idea ofmanaging my money through an app or

text messages on my cell phone

Bank branches are necessary for thetypes of financial services I use.

I am comfortable with the idea of usingmy cell phone to make purchases just

like if it were a credit card.

If I had a bank account, then I wouldprefer online banking to visiting a bank

branch in person.

I prefer to receive regular paymentsthrough direct deposit.

7.9%

23.9%

26.4%

32.5%

74.4%

74.9%

69.5%

70.0%

63.5%

17.0%

Strongly/Somewhat Agree Unsure Strongly/Somewhat Disagree

19

Younger respondents expressed a stronger inclination to use technology for financial

services and transactions than older residents.

Figure: Technology Comfort Levels by Age

I am comfortable with the idea ofmanaging my money through an app

or text messages on my cell phone


I am comfortable with the idea ofusing my cell phone to make

purchases just like if it were a creditcard.

If I had a bank account, then I wouldprefer online banking to visiting a

bank branch in person.


56.9%

22.7%

56.8%

70.5%

84.1%

0.8%

36.1%

7.6%

5.1%

58.8%

65+

35-64

18-34%

20

Income levels influence the willingness of respondents to conduct online transactions.

While 52.3% of those with income over $60K feel comfortable using their cell phones

to make purchases, only 4.0% of those with income under $20K indicated the same.

Conversely, a larger percentage of respondents in the lower income categories feel

that bank branches are necessary for the types of financial services they use.

Figure: Technology Comfort Levels by Income

I am comfortable with the idea ofmanaging my money through an app

or text messages on my cell phone


I am comfortable with the idea ofusing my cell phone to make

purchases just like if it were a creditcard.

If I had a bank account, then I wouldprefer online banking to visiting a

bank branch in person.


4.0%

38.0%

4.0%

16.0%

54.0%

23.7%

31.7%

33.3%

29.7%

78.3%

30.3%

18.7%

39.6%

48.8%

93.0%

38.0%

14.3%

52.3%

38.1%

80.9%

Over $60K

$40-60K

$20-40K

Under $20K

21

OPEN-ENDED COMMENTS

Upon the completion of the survey the respondents had the opportunity to provide additional information. Below are the

comments of those respondents who chose to provide such.

Gender Language Zip Household Income Comment

Male English 33127 OVER $100,000 They should open lending to small business, considering I am a business owner

Male English 33127 OVER $100,000

The most important thing is safety when it comes to banking. and lending is very difficult . I have a construction business and it is hurting. Non- profit have to raise they're own money for most projects.

Female English 33142 NO RESPONSE

The bank had allowed an institution to withdraw money from my account without my knowledge for school loans payments. I believe it is not right. They were taking too much time to clear the checks and checks bounced a few times because of that. I have to pay balance fees because of that. I believe my money should be available as soon as I deposit a check. Now, I use my pre-paid debit card and I have a credit union

Female English 33142 NO RESPONSE Some credits should open at least all day on Saturdays, even if they have to close one day in the week to accommodate for that time.

Female Spanish 33142 Under $20,000 She would like to have a closer bank facility, has to go to downtown for the bank.

Female English 33142 $20,000-$40,000 No bank located in walking distance of the residence.

Female English 33127 NO RESPONSE My main concern is that bank usually like to give you a credit line even though they know you might get denied.

Male English 33127 NO RESPONSE My banks are giving good services, but return on interest are very low.

Male English 33127 OVER $100,000 lend to small businesses

Female Creole 33127 NO RESPONSE if there were more bank, the would be more job probably.

Female English 33142 NO RESPONSE if one has credit card, it should be easy to apply for a low interest rate

Female Creole 33142 NO RESPONSE

I have an account with Bank of America and someone obtained a debit card with my bank account and took all the money on the account. Someone also filed taxes with my daughter's social security number.

Female Creole 33142 NO RESPONSE I don't trust online activities much because of theft.

Female English 33142 NO RESPONSE I don't trust banks at all

Female English 33147 NO RESPONSE I am an old lady. I have never used banks here in the US. I am from the islands.

Female English 33142 $40,000 - $60,000 Banks don't have enough protection around their ATMs in Liberty City.

100 LIBERTY CITY BANKING SURVEY - The Metropolitan · PDF fileThe percentage of residents who...

Documents

Transcript of 100 LIBERTY CITY BANKING SURVEY - The Metropolitan · PDF fileThe percentage of residents who...