'Digital convenience' helps the top three banks acquire more new checking accounts than the next 17 largest banks combined. To win the battle for a smaller number of checking accounts 'in play' requires a better understanding of consumer profiles, attitudes, behaviors and trends.
The strength of almost any retail banking organization is determined by the ability to acquire new households. The competition for these new customers has never been greater, but the number of households shopping is significantly less than in the past. So, how should an organization position itself for growth?
The 2016 Omni-Channel Shopper Survey of U.S. consumers, conducted by Novantas, explored the profiles, attitudes, behaviors and trends of consumers who shopped for and/or opened primary checking accounts. The research found that the number of new primary checking accounts opened has dropped by half in the past decade from a ‘churn rate’ of 15% to around around 7%. This decline is attributed to very low deposit interest rates combined with a relatively stagnant economy.
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