For many bank customers, switching financial institutions (FIs) can be a quiet decision, driven by fees, technology or ease of use. Understanding these decisions, before thy happen, is one of the most valuable things an FI can do.
To get at the heart of these underlying issues, American Banker and Valid Systems surveyed 1,000 U.S. consumers who switched their primary checking account in the past six months, asking them exactly why they left. Join Michael Green, Senior Director of Research at American Banker and Rodney Drake, Chief Strategy Officer from Valid Systems, for an exclusive first look at the data, including:
- The real drivers behind account switching
- The retention opportunities most institutions are missing
- The changes in service, pricing and digital experience that could make the difference between keeping, or losing, a customer
Attendees will gain insights and practical strategies to use data (e.g., patterns in payment frequency, product engagement and spending shifts) to take action and minimize customer churn.