According to a recent surevy of about 5,000 banking customers, about 11% are ready to switch to another bank. That represents about $675 billion in assets, according to a March 2012 survey by Javelin Strategy & Research. Key findings:
"Citibank and Bank of America are the most vulnerable giant banks by far, with as many as one in four customers at risk of switching... although Americans were riled about banking fees, the didn't switch their primary [bank] in greater numbers. The reason: Convenience trumps fees... built on a foundation of big branch systems, broad ATM networks, convenient online banking, and... mobile banking..."
The leading reasons why consumers switch banks:
- 33% - Too many fees
- 21% - unsatisfactory customer service
- 15% - more convenient location
- 12% - moved their residence
Download the summary (Adobe PDF) of the "Bank Switching in 2012" Javelin report. Related articles: