Driving customer account-switching behavior is a key objective for financial intuitions, yet few are completely successful at converting newly acquired accounts into profitable, long-term relationships. In this report, we will share key findings from the survey, including:
- What causes consumers to switch financial institutions
- The effect of digital tools as a factor in switching behaviors, especially among Millennials
- The effect a poor experience has on a consumer
- How onboarding and help prevent consumers from becoming disengaged, unprofitable customers.
To explore the challenges financial institutions face in cultivating long-term, profitable relationships with account-switchers, Digital Scientists, on behalf of Deluxe, conducted an in-depth, online interviews with 1,013 consumers, ranging in age from 18-54. The survey polled consumers who held checking accounts with a bank or credit union, and who participated in household finances and resulted in our report entitled The Anatomy of Consumer Switching Behaviors: Solving the Stumbles that Prevent Profitable Engagement.