Super regional banks experienced a 13.6% decline in cross sell per 1,000 consumer households, dropping from 2016’s four-year high of 18.45 down to 15.93. All while household growth inched up on average 27 consumer households per branch – a less than 1% increase.
Regional banks experienced a decline as well, but muted in comparison at 2.2%. Regional banks household gain was in-line with that of super regionals at under 1% year-over-year.
With the steep drop experienced by super regionals their lead over regional banks in this metrics is now only 4.5%.
As customers have more banking options, retail bank branches must continue to demonstrate why they are the location of choice to open additional accounts.