Sometimes things need to change. When it comes to banks, consumers are switching slightly more often than in the past.
The J.D. Power and Associates 2011 U.S. Retail Bank New Account Study shows that 8.7% of those surveyed switched banks in the past year, down from 7.7% a year ago. Why do people switch?
According to the study, "life circumstances" are the most common reason. In other words, it wasn't because they could find a better deal. When choosing a new bank,
"the most important factors driving their decision are advertising; branch convenience; products and services; promotional offers; and direct and indirect customer experience (including past personal interactions, recommendations and bank reputation.)"
It seems that banks that advertise most have the best luck winning new customers. They're not necessarily the same banks that have the best offers.
For more details on the study and consumer switching behavior, see the 2011 U.S. Retail Bank New Account Study.
Further reading: