17.4% of respondents said that the most important thing to choose a bank or cooperative is reputation. For 14.5%, what weighs the most is the number of branches.
Referential image of an ATM.
Six out of ten Ecuadorians are clients of more than one financial institution , be it a bank or a cooperative , according to a study published by the Spanish consultancy Inmark, in July 2023.
In contrast, 35% of those surveyed said they were a customer at only one entity.
Inmark surveyed 1,500 Ecuadorians aged 18 or over, banked; that is, people who are already included in the financial system with some product, be it a savings account, card or loan.
The survey was carried out between May and June 2023 in Quito, Guayaquil, Cuenca, Loja, Santo Domingo, Machala, Ambato and Manta.
The study shows that, on average, banked Ecuadorians are customers of 2.49 banks or cooperatives . This rate is higher than the average in Spain, which is 1.73, according to Inmark.
For the consultant, this average shows that in Ecuador there is a high willingness to start new financial relationships .
Thus, 10.3% of the relationships with banks and cooperatives that the interviewees had began in the last twelve months .
What do bank customers demand?
Inmark also identified the factors that Ecuadorians take into account the most when deciding to be clients of a bank or cooperative.
17.4 % said that the most important thing is reputation and image . For another 17.3% it is proximity and for 14.5%, what weighs the most when choosing an entity is the number of branches.
Banked Ecuadorians also have an average of 6.13 different products or services in banks or cooperatives.
The most contracted products are the savings account, with 97.3%; It is followed by the debit card, with 89.3% and the personal or consumer loan, with 32.5%.
Banks promote digital.
According to Inmark, financial institutions are increasingly promoting the use of digital channels.
Hence, 71.7% of the banked population in Ecuador connects to their bank or cooperative through the online or digital channel. However, this value is still below the 87.3% reported in Spain, according to the Inmark report.
Among those surveyed between the ages of 18 and 30 , 78% use banking or cooperative services through digital means.
And, in contrast, 50% of the population aged 60 or over used virtual channels to carry out financial transactions.
The study also shows that 28.1% of the population makes transactions or purchases on the digital channel, but does not use financial services from their bank or cooperative.
This means that these people have access to the Internet and make purchases of products and services online, but do not connect to their bank or cooperative through digital channels.
“These people have barriers, mainly trust , so they don’t use this relationship channel with their bank or cooperative,” says Inmark.
