Competition and legislation have made switching banks more appealing than ever. Yet the survey shows customers remain loyal. 32% have never switched banks. Change is around the corner though and consumers seem willing to consider a more radical option. Already, a fifth would buy banking or insurance from non-traditional providers like Google, Apple or Amazon.
Despite European countries bringing in rules to make it easier to switch banks, and attract new entrants to financial markets, across Europe, consumers rarely switch. On average, 32% of Europeans have never changed bank. Of those who have changed provider, 53% haven’t done so in the last 10 years. More than half of consumers (54%) feel no impulse to seek additional services from other providers and use only one bank.
Why is this? It seems we want to feel good about our choice of financial services provider:
There are signs of change as 61% of 22-29 year olds have switched bank in the last five years.
More change and disruption is on the horizon for today’s financial services organizations from challenger banks and the ‘uberization’ of services. Challenges can come from unexpected sources. 19% of our survey said they would buy banking or insurance services from companies like Facebook, Google, Amazon or Apple.