Awareness and Favorability Towards Mutual Banks
“As you may know, a mutual bank is one that is governed onbehalf of its community stakeholders—not owned byshareholders . Today, mutual banks offer most of the sameproducts and services as other banks and have the samedeposit insurance protections.”
Morning Consult is a global data intelligence company delivering insights on what people think in real time.
Familiarity with the concept of mutual banks is low at the outset of the survey, with nearly eight in ten adults (77%) reporting that they are either “not too familiar” or “not familiar at all”. Accordingly, favorability is limited among the general population.
Younger consumers – particularly Generation Z – report higher familiarity with mutual banks (35%). However, more than half of all adults across key demographics say they are unfamiliar.
Adults across key demographics are largely unfamiliar with mutual banks. As such, favorability is limited.
Consistent with limited familiarity, more than half of respondents (58%) say they’re “unsure” if they would bank with a mutual bank.
After learning more about mutual banks, half of adults report feeling favorably towards mutual banks (52%), an increase of 32-percentage points.
Forty-one percent of adults report they are likely to bank with a mutual bank after learning more, an increase of 18-percentage points.
Adults across key demographics, after learning more, are more likely to say they have a favorable opinion of mutual banks.
After learning more, half of middle (50k-100k) and high (100k+) income adults say they are likely to bank with a mutual bank, an increase of 25- and 23-percentage points respectively.