While many bankers think bank switching means keeping customers from leaving outright, Javelin finds that customers more commonly switch their focus rather than switch financial institutions. Many banks and credit unions are victims of profit-killing “silent churn” that makes them primary FI in name only. They’ve won the checking account, but their customers are buying profitable products at secondary FI relationships – in large part because low fees and better rates are more compelling than “good enough” digital services.
Join us as we examine strategies to recapture customers for those profitable products and maximize the value of having primary FI status. We will address:
- How can FIs counter the threat of commoditization and silent churn and win back primary status?
- Why community banks and credit unions are particularly vulnerable – and what they can do about it.
- Why do consumers switch FIs – and why are digital services critical “sticky” factors for retention?