BANK SWITCHING IN 2012: Giant Banks Remain Highly Vulnerable as Customers Weigh Fees and Convenience

BANK SWITCHING IN 2012
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Overview

Banking dissatisfaction remains a critical issue months after the Bank Transfer Day protest movement urged consumers to switch to community banks and credit unions. About 11% of consumers surveyed in March 2012 indicate they are at risk of switching primary financial institutions in the coming year, putting $675 billion in deposits at risk, according to Javelin’s 2012 FI Vulnerability Index. 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. Yet one telling lesson from Bank Transfer Day is that although Americans were riled about banking fees, they didn’t switch their primary FI in greater numbers. The reason: Convenience trumps fees. Bank of America, Chase, Citibank, and Wells Fargo remain the consumers’ yardstick for compelling convenience and control built on a foundation of big branch systems, broad ATM networks, convenient online banking, and, increasingly, the always-on power of mobile banking. To compete, regional rivals, community banks, and credit unions must smartly prioritize investments in technology that redefines personal banking and personal security by sharing control with customers — with an urgent emphasis on mobile banking and mobile deposit.



Primary Questions

  • How vulnerable is the U.S. banking system to switching by customers — and which banks are at greatest risk?
  • Why did Bank Transfer Day fail to spur greater switching?
  • Why do consumers switch primary FIs, and why do they stay?
  • What should giant banks, regional banks, community banks, and credit unions do to attract or retain vulnerable customers?
  • What role does mobile banking play in the consumers’ decision to switch or stay?
  • Are recent switchers more likely to use mobile banking?

 

Companies Mentioned

Bank of America

PNC Bank

Citibank

SunTrust

JPMorgan Chase

Wells Fargo

 

Price: $1500 (31pages; 12 charts/graphs)

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