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Industry News More customers switching banks, survey finds 2011-03-01 While major financial institutions are extremely focused on employing strategies to boost customer retention, a recent survey found that 8.7 percent of bank customers in 2011 indicated they switched their FI in the past year, compared to 7.7 percent a year ago. J.D. Power and Associates 2011 U.S. Retail Bank New Account Study surveyed 4,791 bank customers and found that despite negative media attention leveled at new account fees, the most common reason for switching banks was a change in life circumstances. Other factors driving their decision to switch or remain with an FI include advertising, branch convenience, products and services, promotional offers and direct and indirect customer experiences. "Customers who choose to stay with their current primary bank for additional products are most driven by positive past experience and perceptions that their bank is more focused on customers than on profits," said Rockwell Clancy, vice president of financial services practice at J.D. Power and Associates. "Clearly, banks that are not providing a noticeably better experience are more likely to lose the business of indifferent customers who are more easily lured by the next attractive promotional offer to come along," he added.
New app allows consumers to monitor bank accounts and possible fraud
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