The Financial Brand Editor Bill Streeter covered in his recent article, Financial Marketers Have a Big Opportunity to Snag Frustrated Consumers, the shift banks are facing in customer relationships. While typically customers can be reluctant to go through the effort to move their primary banking relationship, the pandemic and increased digital banking options have more customers saying, “see ya”, when faced with more appealing mobile options and better rates.
Previously, we saw more mobility among younger generations, but that’s changing as the pandemic continues and more customers move online.
“Even the older demographics may be more open to change now, however. “Older generations were a little bit more hesitant to switch banking providers before because they weren’t as technically savvy,” observes Resonate’s Ericka McCoy. “Now they’re more comfortable with digital because they’ve had to be. People are not necessarily rushing to go back into bank branches and they realize that switching banks is not such a big deal. Loyalty is down, comfort with digital banking is up. That’s the biggest takeaway from the last 15 months.”
You can read the entire article on The Financial Brand here or, if you want to dive deeper into banking consumer loyalty and the outlook in 2021, download the recently-released Bank Marketer’s Playbook.