Bank Switching Behavior Uncovers Significant Retention & Acquisition Opportunities
For many consumers, switching banks can be an extremely arduous task. However, for specific segments of the population, bank switching occurs more often and with somewhat greater ease. Our research shows that:
- As consumers age, switching behavior declines. Millennials, the largest generation, are making moves more often and with somewhat greater ease than their older, more financially established peers.
- Individuals with lower income and asset levels tend to switch more often than higher earners.
- African Americans and Hispanics are more likely to have switched banks in the past 12 months.
Initiating the right dialogue and enhancing the overall customer experience is critical. In doing so, banks will benefit from improved retention and acquisition performance among these important populations.
Contact us to find out more about this research or Psyma Financial Services.