New research: Why did you switch your bank in the last 12 months?

     

Here’s some interesting research by SNL Financial just out that shows that pricing (incentives, fees, and APR) accounted for roughly half of all switching behavior of bank customers surveyed.

Specifically, out of 5,000 surveyed smartphone users, about 1 in 10 changed banks in the last 12 months. Out of those switchers, 34% cited lower fees as the #1 reason they switched, 25% cited incentive offers, and 14% cited higher APR (presumably on deposits). Another reason to get pricing right!

Here’s the research: https://www.snl.com/InteractiveX/Article.aspx?cdid=A-31761762-11824

Learn more about price optimization.

About The Author

As President and CEO of Nomis Solutions, Frank is responsible for strategy and day-to-day operations of the company and steering the development of its Pricing and Profitability Management solutions. Frank joined Nomis Solutions in 2005 as VP of Sales and Marketing.