If the survey was asking consumers why they opened a new account, and a high-interest rate was given as a reason less often than in past years, I think that could be because very few institutions are paying high interest rates right now. So fewer consumers are being enticed to open a new account for that particular reason.

I think the dramatic increase in consumers citing quality of customer service in opening a new account makes sense in that context too. People are angry at banks in general, so maybe they are more likely now than in the past to go open a new account somewhere else if their bank makes a mistake or if they have a poor interaction with someone there.

Also, over the past year, many financial institutions have made changes that irk consumers, like cutting home equity lines of credit, for reasons that have more to do with the institution than the consumer. And more consumers and businesses have had a harder time getting a loan. I think some consumers could interpret those kind of interactions as poor customer service and they could decide to open a new account elsewhere.

I don’t think more people wanted free mobile banking than good customer service a year ago. But I could see how maybe people are more inclined now than in the past to open a new account specifically because they want better service. I think there is a heightened awareness around service now. And I think people who have even a small service issue are far more likely to “punish” an institution by going to open a new account elsewhere.

That’s my take.