Consumers have changed the way they manage and control their finances over the last 10 years, making the role of the bank marketer even more challenging. Consumer preferences are constantly changing, and banks are grappling with the new wave of competition, some of which aren’t even banks. Tech companies like Amazon and Apple have plans to potentially offer financial services to consumers soon.
At the same time, 6.3 million consumers say they plan to switch their primary bank within the next year (up from 5.6M last year), according to Resonate’s most recent consumer intelligence platform. Resonate has also identified an additional 31 million bankers who could be persuaded to switch banks. This means that when Resonate asked them if they plan to switch banks this year, their response was “I don’t know”.
That’s a lot of customers who could potentially be lured to another financial institution, and it’s another indication that loyalty among banking customers is slipping. With challenger brands and disruptors emerging with services revolved around personalization and technology, this is a prime opportunity for companies to realign their services and messaging to make sure they retain their current banking customers.
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This article was originally published on Banking Exchange. To read the full article click here.