1) According to a 2012 report, 11% of consumers with a primary banking relationship were likely to switch banks that year, putting an estimated $675 billion in deposits at risk.
2) Large banks like Citi and Bank of America faced the highest risk of losing customers to bank switching due to fees charged.
3) To attract and retain customers, the report recommends that banks leverage mobile banking and bridge online and in-person services, while smaller banks and credit unions emphasize personal relationships.
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Javelin's Research on Bank Switching in 2012: Giants Banks at Risk
1. Bank Switching In 2012:
Giant Banks Remain Highly Vulnerable
As Customers Weigh Fees And Convenience
June 2012
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2. Valuable Customers are Vulnerable
Bank Transfer Day was a Bust!
Javelin’s 2012 FI Vulnerability Index identifies:
• 11% of consumers with primary banking relationship are likely to switch
banks
Estimated to edit Master title style
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$675 billion in deposits “in play”
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3. Giant Banks are Higher Risk of Vulnerability
Likely to lose twice as many customers
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4. Key Actions FIs Should be Asking Internally
Large Banks
• How can big banks leverage their mobile channels to create loyal and
satisfied customers?
• How do I bridge the two worlds of face-face and electronic channels, and
retain my current customers and acquire more?
Community/Regional Banks
• What strategies do smaller banks need to implement to reap some of the
$675 billion in deposits edit Master title style
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Credit Unions
• How do credit unions leverage the value of being a trusted partner with
consumers and compete against fewer branches than larger FIs?
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5. CITI AND BOFA ARE AT THE HIGHEST RISK OF
BANK SWITCHING
Javelin Bankographic Benchmark™ Service:
Likelihood to Switch Primary FIs in Next 12 Months
6. FEES SPUR CUSTOMERS TO SWITCH;
CONVENIENCE KEEPS THEM SATISFIED
Why Consumers
Switch
Vs.
Why They
Stay Put