According to our data, the top motivating factors are: Notably, “other banks” (i.e., smaller brands not listed by name in our survey) are the ones expected to gain the most banking customers thanks to switching activity (27 percent).īeyond who they are, perhaps the most important thing for financial marketers to understand is what’s motivating these individuals to switch. Meanwhile, the banks most likely to gain from switching activity include Capital One (17 percent), Chase (15 percent), Bank of America (11 percent) and Wells Fargo (10 percent). How Will They Change the Banking Playing Field?Īccording to Resonate’s recent analysis, the banks that are scheduled to lose the most customers in 2023 are Fifth Third, Citi, Ally, TD Bank and PNC Bank. They consume most of their content through smart TVs, and their favorite streaming services are Discovery+, Disney+ and HBO Max. From a media standpoint, they spend their time on social platforms, including Twitch, TikTok and Reddit. They belong to teams and take classes, they enjoy music, and they play video games. When it comes to hobbies and daily routines, these bank switchers are more likely than the average American to eat high-protein foods and value athletic accomplishments. About a third (29 percent) are between the ages of 25 and 34, and a third have attended some college. Of these, about 2.4 million are fully confirmed that they will be switching, while the other 11.2 million are still on the fence.įrom a demographic standpoint, more than half (54 percent) are men, 57 percent are married, and 57 percent have children. The 13.6 million Americans who are considering switching banks in 2023 represent about 6.1 percent of the population. So what can bank marketers and other financial brands learn from these customers who have at least one foot out the door with their current bank? Who are they, and what’s motivating them to sever what has historically been a long-term (if not life-long) brand relationship? Let’s take a look at what the most recent insights from the Resonate Banking data set tell us about the shifting loyalty of today’s consumers. In an industry built on long-term relationships, that’s a lot of potential upheaval in an industry that’s already experienced a tremendous amount of disruption. In 2023, as many as 13.6 million Americans are considering switching banks. The article below appeared in Tangerine.Coffee on June 21, 2023.
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