Why Customers leave banks

By NatalieB, 17th October 2020

Here are the top 10 reasons customers leave their bank:

  1. Poor service and or dissatisfaction with the way problems are handled 
  2. Lack of service or features
  3. Dissatisfaction with the price or perceived value of banking services such as penalty fees and interest rates 
  4. 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  
  5. A serious loss of service to customers from an IT breakdown 
  6. A dispute between a provider and a customer 
  7. A material change in banks terms and conditions 
  8. A customer’s transition from a young person to student, to an adult account 
  9. A branch is closing, closed or not local 
  10. 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.


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