Nearly one-third of US customers do not feel loyal to their bank

A new survey in the US has revealed that 30% of consumers do not feel loyal to their bank and can easily be swayed to switch their lender.

Carried out by Valassis, the survey involved 1,700 respondents. It seeks to help the banks to devise strategies to acquire and maintain satisfied customers.

Valassis bank survey

The survey found that 10% of the respondents are planning to switch their bank within a year. The figure increases to 19% among millennials and to 26% among millennial parents.

Better rates are the highest contributing factor that influences bank switches, the survey report says. About 45% of the respondents said that they regard it as the top factor, followed by major life change (29%); better promotional offers (27%); and more conveniently located branches (24%).

Better customer service was mentioned as the top factor by 23% of the respondents to consider switching.

The Valassis bank survey also revealed that around 80% of consumers carry out some research while making banking decisions. With 91% of the respondents opting, changing bank is the most researched decision.

Valassis chief marketing officer Curtis Tingle said: “For an industry founded on trust and relying on the loyalty of its customer base – there appears to be both great risk and opportunity for financial institutions.

“Our data shows that banks utilising a cross-channel marketing approach fuelled by strong consumer insight – of both their current and prospective customers – can create a market advantage for themselves.

“It is critical that banks listen to feedback and make a concentrated effort to build loyalty through competitive rates, regular promotions and excellent service.”

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