More than half of consumers say they’ve looked for new FI during last year

More than half of consumers in a new survey said they searched for a new financial institution or new account in the past 12 months, while 28% indicated they have opened an account at an online provider, according to new research.

Another quarter said  they are considering switching.

Those findings were released as part of the 2018 BAI Banking Outlook research study, which probes for trends in marketing and customer acquisition. The quarterly research included more than 650 consumers and financial services leaders from organizations ranging in size from community banks to large mega banks.

BAI said its researchers surveyed consumers to understand what marketing efforts and product offerings compel them to choose a bank.

“The research also measures behavior, attitude and outlook in relation to how these consumers view their bank, prefer to interact with the bank and view their current and future banking relationships,” BAI said. “The results offer a compare-and-contrast view between the consumer and bank.”

 

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