Why Customers leave banks
By NatalieB, 17th October 2020
Here are the top 10 reasons customers leave their bank:
- Poor service and or dissatisfaction with the way problems are handled
- Lack of service or features
- Dissatisfaction with the price or perceived value of banking services such as penalty fees and interest rates
- Enforced switches as a result of the closure of a local branch or changes in personal circumstances such as moving home or getting a new job
- A serious loss of service to customers from an IT breakdown
- A dispute between a provider and a customer
- A material change in banks terms and conditions
- A customer’s transition from a young person to student, to an adult account
- A branch is closing, closed or not local
- Imminent or actual imposition of overdraft charges
Get customer experience right!
56% of customers looking to leave say their bank hasn’t made an effort to keep them from switching.
Customers will leave within 14 months if they don’t have a good experience
The banking industry is in a state of constant change with evolving regulations, new technologies, and disruptive start-ups like ourselves. But one part of banking hasn’t changed: the need (and absolute expectation) for a great customer experience.
Qualtrics interviewed over 550 banking customers to learn what they expect in their banking experience and, what they’ll do if they don’t get it – you can read that here.