- Center for the Digital Future - http://www.digitalcenter.org -

How do you interact with your bank?

The Center’s upcoming study on the future of money and banking explores how frequently Americans interact with their primary bank/credit union at a branch, by ATM/cash machine, mail, or phone.  Here is a sample of the results filtered by respondents’ race or ethnicity.
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Overall, 89% of people said they interact with their primary bank or credit union at some time though their ATM/cash machine. When we look at frequency of use of the ATM/cash machine by race/ethnicity, some interesting differences emerge.

What do we see when we look at in-person interactions at banks, for example with a teller, based on race/ethnicity?

Looking at the option of interacting with one’s bank or credit union by mail, overall 56% of respondents said that they interacted with their bank or credit union through mail.

The last option we asked about was interacting with one’s bank or credit union by phone.

In sum, we see an overall pattern in which Latinos and African-Americans have more interaction with their banks and credit unions than whites do. Given that the median net worth of white households is about ten times that of Latino households and thirteen times that of African-American households, this pattern may be related to relative economic inequality and financial need.
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September 26, 2017