LAKE FOREST, Ill.—A new study has identified one U.S. city in which financial institutions provide the “friendliest service” of any city in the country—as well as the city where the “least friendly” service can be found.
Moebs $ervices in June surveyed more than 3,800 financial institutions to determine which city delivers the friendliest FI service. The company defined friendly financial service as providing consumers not only what they need, but also what they want.
“Out of 27 large U.S. cities, defined as a population of at least two million, we found a distinct winner that offers the friendliest financial services that stands out among the other cities and thousands of competing financial institutions,” said Michael Moebs, economist and CEO of Moebs Services.
The winning city is the seventh-largest in the United States—San Antonio—a market with a strong credit union presence. Of the three largest cities in Texas, Dallas and Houston did not place in the top 10, noted Moebs. Rounding out the top five friendliest cites are Boston, Washington, Minneapolis, and Sacramento, Calif., respectively. A summary of the cities and components is available here.
San Antonio No. 1
San Antonio was one of only three cities to score above average on at least eight of the 11 criteria used in the “Friendship Index,” shared Moebs. It also comes in first place for four out of the 11 criteria used in the study: offering opt-in, offering deposit transfers, offering de minimis, and offering a mobile app. In addition, San Antonio also has one of the lowest overdraft prices in the nation, said Moebs, at just $27.50 per item. Complementing the city’s number-one ranking in mobile apps is a high percent of institutions that offer remote check deposits using the app, explained Moebs.
Michael Moebs, Moebs $ervices
“San Antonio is one of the most competitive markets for consumer financial services in the country,” said Moebs. “Being a highly competitive market, the financial institutions in San Antonio have to price lower and offer more in order to win over the consumer.”
Moebs’ Friendship Index ranks Baltimore the least friendly city for consumer financial services. Out of the 11 criteria items used, Baltimore was one of the lowest, with only three items showing above average: offering free checking, offering opt-in, and offering remote check deposit through the app.
Baltimore At Bottom
“While Baltimore has recently started to make an effort to improve their financial services, more effort is needed,” said Moebs.
Close to Baltimore at the bottom of the index were Pittsburgh, Miami, and Las Vegas, added Moebs.
“First and foremost, offering a friendly financial service is very possible. In San Antonio most financial institutions were average or above in profitability,” explained Moebs. “This proves that both profitability and friendliness are compatible. The Index is the stepping stone for all financial institutions to improve the bottom line and offer friendly services simultaneously.”