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.


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