What Drives the Decision to Switch Banks?

A decision to switch banks is often driven by a mix of frustration with the previous bank and attractive offerings from the new bank.

Attracting new business within the retail banking industry is unique. While there are several variables that can “pull” customers toward a new bank, data from our J.D. Power and Associates 2013 Retail Banking Satisfaction StudySM has found that customers generally will not switch banks unless they are also “pushed” away from their prior relationship.

While poor service and high fees are most likely to push customers away, branch convenience, promotions and recommendations help to attract customers to a new bank.

Read more at JD Power

What Drives the Decision to Switch Banks?

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s