How Modern Consumers are Redefining Their Relationships with Banks

By Sicily Axton
Originally posted on BankDirector.com August 20, 2015

Consumers’ relationships with banks are becoming dependent on how products and mobile banking fit in with their lifestyles. And if that relationship is going downhill, customers are much quicker to break up with their bank. That’s why leading banks are on the prowl to find the next great way to offer more than just the basics. They’re adding interesting features to mobile, introducing ways to help customers save money and offering more relevant benefits — all to create positive, lasting relationships with customers.

Who’s Making the Switch?
Starting at the end of last year, there has been a spike in the number of people who are switching banks. According to a study by AlixPartners, in the first half of last year, about 7 percent of people switched their checking account provider, and that number jumped to 10 percent by the end of the year. That’s the highest it has been since reaching 13 percent during the financial crisis of 2008. Today, mobile technology is driving the switching. Sixty percent of smart phone or tablet users in the last quarter of 2013 said mobile banking played an important or extremely important role in their decision to switch.

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