Insights for Banks and Credit Unions

The Real Reasons Banking Customers Switch

The Real Reasons Banking Customers Switch

How to Improve Digital Experiences So Customers Stay Connected to Your Financial Institution 

As seen in ABA Bank Marketing. 

By: DJ Haskins

By identifying the reasons that customers want to switch, and marketing to your strengths in association with those pain points, financial institutions will be able to attract vulnerable customers into their financial institution.” 

This recent article, featuring thought leadership from TimeTrade SilverCloud and Rivel, explores the common reasons why banking customers defect from their financial institution. It outlines a basic self-assessment banks and credit union can use to address areas that most commonly cause customers to leave. 

As financial institutions race to adopt new digital technology and transform their online capabilities, many overlook defections. Nearly 25 percent of households are vulnerable to switching financial institutions. 

Because this metric is reliant on a variety of factors, the first step is understanding why customers switch outright. By identifying the reasons that customers want to switch, and marketing to your strengths in association with those pain points, financial institutions will be able to attract vulnerable customers into their financial institution. 


Read the full article on ABA Bank Marketing> 


Key questions banks and credit unions should themselves ask to assess defection risk: 

  • Are you surrounding your customers with access to information?
  • Are you providing the right prompts at the right time? 
  • Are you delivering access across all digital channels? 
  • Are you empowering your frontline staff? 

The Bottom Line 

As lack of proactivity across digital and human channels and bad technology training when asking for digital support stand as two of the top reasons that customers switch, financial institutions should consider how their own customer experience matches these pain points. By delivering better service, support and customer experience, financial institutions can avoid the loss of customers primed to leave, while attracting those seeking an improved customer experience. 

Read the full article on ABA Bank Marketing>

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