What is a SuperBank?
These days Americans like things BIG! In almost any town in America you can find Supermarkets, Walmart Superstores, and even some Super Super Stores. Although the small “mom and pop” shops of the past haven’t become completely extinct, they are certainly less popular than they were 25 years ago. Let’s face it, we all want big selection and would prefer to buy most (if not all) of our things in one place. A recent study by Scarborough Research tells us that the same “super” trend is occurring in the banking industry. They even coined the phrase “SuperBank” to refer to this growing trend. The study was researching U.S adults that live in households which have multiple asset accounts at financial institutions.
The survey revealed that 5% of American households fall into the “superbank” category: those that have a checking, savings, money market, or CD account along with a stock, mutual fund, second home mortgage or some other form of investment account. As the super large banks are slowly buying up all of the “little guys”, don’t be surprised to see the word “SuperBank” makes its way into the American lexicon.