Are your customers cheating on you?
Splintering financial relationships represent a bigger threat to traditional banks and credit unions than many realize. Research shows many consumers are awarding primary checking account status to fintechs and digital banks at a rapid pace.
Traditional banking providers and their digital competitors have become intertwined for consumers, who don’t want to give up either one.
Instead, they are opting to use multiple financial services companies.
Their cafeteria-style banking choices are often based on features and services they want, not so much on other factors like the type of provider.
They aren’t abandoning traditional banks and credit unions entirely, but neobanks, fintechs and other innovative competitors are chipping away with increasing speed at the advantage that the incumbents have with consumers, particularly in the United States.
continue reading »