Interest in New Products Remains High, but Consumers Still
American Banker (09/27/00) Vol. 13, No. 7 p.18A; Gjertsen, Lee Ann
This year's American Banker/Gallup consumer survey
finds that consumer interest in buying nontraditional products
and services from their banks is high, although only a small
percentage have followed through and purchased products from
their lenders. Of those people who responded to the survey, 60
percent said they would be interested in buying life insurance,
mutual funds, annuities, or financial planning from a bank, but
only 46 percent of those respondents actually had purchased
products. About 22 percent of the respondents said they had
purchased stock or bond mutual funds through their banks, while
20 percent had bought life insurance, 18 percent
property/casualty insurance, and 9 percent annuities. Meanwhile,
some 43 percent of respondents who purchased or sold securities
through a bank said they used the telephone, versus 39 percent
the previous year, and almost 16 percent indicated that they used
a computer, compared with 9 percent in 1999.