Why are consumers deciding to switch and what are the steps financial institutions can take to prevent the switch?
The financial services market has become increasingly crowded with financial technology products and services. This crowded market means more choices and, with more options, consumers are more likely to switch if they are unhappy with their current financial institution or ultimately see a better product fit. The questions we want to answer with this research are: why are consumers deciding to switch and what are the steps financial institutions can take to prevent the switch? More than half of financial institution consumers switch their primary institution at some point in their lifetime, and even more switch more than once. We have identified how and why consumers are switching financial institutions and what your financial institution can do to reduce or prevent this from happening. Continue reading to better understand how top organizations can retain and grow their consumer base through relationship banking.
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