A new survey in the US has revealed that 30% of consumers do not feel loyal to their bank and can easily be swayed to switch their lender.

Carried out by Valassis, the survey involved 1,700 respondents. It seeks to help the banks to devise strategies to acquire and maintain satisfied customers.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Valassis bank survey

The survey found that 10% of the respondents are planning to switch their bank within a year. The figure increases to 19% among millennials and to 26% among millennial parents.

Better rates are the highest contributing factor that influences bank switches, the survey report says. About 45% of the respondents said that they regard it as the top factor, followed by major life change (29%); better promotional offers (27%); and more conveniently located branches (24%).

Better customer service was mentioned as the top factor by 23% of the respondents to consider switching.

The Valassis bank survey also revealed that around 80% of consumers carry out some research while making banking decisions. With 91% of the respondents opting, changing bank is the most researched decision.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Valassis chief marketing officer Curtis Tingle said: “For an industry founded on trust and relying on the loyalty of its customer base – there appears to be both great risk and opportunity for financial institutions.

“Our data shows that banks utilising a cross-channel marketing approach fuelled by strong consumer insight – of both their current and prospective customers – can create a market advantage for themselves.

“It is critical that banks listen to feedback and make a concentrated effort to build loyalty through competitive rates, regular promotions and excellent service.”