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J.D. Power & Associates 2011 US Retail Bank New Account Study reveals that retail banking consumers are shopping for- and switching banks at an increasing rate.
The study, which examines the bank shopping and selection process, as well as customer satisfaction with the account initiation and on-boarding processes, finds that 8.7% of customers in 2011 indicate they switched their primary banking institution during the past year to a new provider, whereas just 7.7% said the same in 2010. On average, customers in 2011 say they considered 1.9 banks while shopping — up from an average of 1.6 banks in 2010.
Apparently banks that perform well in acquiring new customers — Chase, PNC and SunTrust, for example — tend to be aggressive in their advertising and promotions.
One Big Take Away
The study offers several important insights. One such take away was that 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, VP/financial services at J.D. Power & 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.”
Read more about the 2011 US Retail Bank New Account Study.