Many consumers stay with their banks for years unless persuaded by other bank incentives

Consumers tend to stick with their banks, but some can’t turn down incentives that certain online-only banks offer. More than one in three consumers in a Vericast study said they’ve had the same bank longer than they’ve had their current romantic partner. Customers appear to stick with the same bank out of convenience more than anything.

Online-only banks have been a beacon of earnings for many customers. They often have low fees and sign-up incentives, making them attractive options. However, over the last year, customer satisfaction with online-only banks has fallen, a J.D. Power report found. Although satisfaction with online-only banks is still higher than traditional banks, online-only checking account satisfaction dropped by 27 points from 2023. Online-only savings accounts also dropped, but by just eight points.

is a divisive topic in many industries, banking included. How and when it could make the lives of banking customers easier remains up for debate. Customers are torn, with 28% believing AI can help their banking experience, according to a J.D. Power report. An additional 17% think AI will make their lives worse, followed by a close 24% that haven’t fully formed an opinion on AI in the fintech world.

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Source: Tech Daily Report (techdailyreport.net)

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