Better Bank Switching: 3 Digital Priorities on the Path to Primacy

The complexion of bank switching has changed enormously in the past decade. Gone are the days when getting a customer at a different bank to at least open and fund an account was a win and getting that customer to set up a direct deposit relationship was a driver of significant inertia. Third-party innovators are loosening the ties that have traditionally bound consumers to their FIs, from direct deposits to card-on-file payments to bank bill pay. 

Fortunately for FIs, sticky customer relationships remain within reach; they just take more work to build effectively. Once FIs have fully welcomed a new customer in the digital door, they should focus on three priorities to quickly consolidate share of wallet while also offering the customer engagement-driving experiences that will also bolster share of mind. Doing so will help build deeper, more mature customer relationships and restore inertia to the primary bank relationship.

Key questions discussed in this report: 

• What areas of the digital experience should banks focus on to make switching easier and more engaging for customers?
• What are the risks of remaining complacent about the digital experience of bank switching?
• How do third-party providers enable better digital bank-switching experiences? 

Companies Mentioned: 

Atomic, Chase, Chime, Citizens, Knot, Mastercard, PayPal, Pinwheel, PNC, Regions, U.S. Bank, Varo, Wells Fargo