Comments on: People Switching Banks More Often, Study Reveals Surprise Reasons

By: Changing Banks? Which Ad Motivates You? | Financial Marketing Insights

Changing Banks? Which Ad Motivates You? | Financial Marketing Insights — Tue, 10 Jan 2012 11:04:49 +0000

[...] the way, you can read the entire J.D. Power banking study article on The Financial Brand website here. Comments (0) Trackbacks (0) Leave a comment [...]

By: Editor

Editor — Tue, 06 Sep 2011 15:06:05 +0000

Great catch Mia.

By: Mia Perez

Mia Perez — Tue, 06 Sep 2011 14:34:08 +0000

I find it interesting that one of the top 5 triggers that prompt consumers to switch is fees (17%); however, fees aren’t much of a determinant when selecting the new shop (4% driver in the selection stage). Perhaps this means that fees may have been the initial reason for the consumer’s consideration, but not the entire reason…

By: Marketing Financial Services « John Mantikas

Marketing Financial Services « John Mantikas — Sat, 16 Apr 2011 17:15:11 +0000

[...] What came as a surprise, however, was that the mainstream of customers (57%) who purchased additional banking products did so outside their primary banking relationship. This relates to the second buying choice – the product (s). The Financial Brand provides a more detailed analysis. Please see (http://thefinancialbrand.com/17355/jd-powers-research-new-bank-account-customers) [...]

By: Jim Marous

Jim Marous — Thu, 17 Mar 2011 08:23:58 +0000

The J.D. Power study indicates that PNC, Chase and SunTrust all did better than their peers in acquiring new customers and attributes the success to ‘advertising and promotion’. I believe that term is used very broadly based on the consumer’s (or J.D. Power’s) definition.

In reality, we find that all three banks are unique in the consistency of local trade area marketing done to promote their checking products. In fact, Chase and PNC (previously NCB) are two of the most aggressive players in the use of direct mail around their branch sites to generate new business.

So, it may not be the amount of advertising being done by the banks who are successful, but the consistent and targeted nature of their communications that makes them both unique compared to peers as well as top of mind when a consumer is considering changing banks.

By: Editor

Editor — Tue, 08 Mar 2011 16:11:09 +0000

Hi Mark. All the data in this article comes from JD Powers, although the material presented in the diagram above is not included in the free version of their report.

By: Mark Zmarzly

Mark Zmarzly — Tue, 08 Mar 2011 04:17:38 +0000

Jeffry – can you clarify the source for the stats on the top drivers at each stage? I haven’t seen the full report so didn’t know if the stats were all from JD Power or not? Thanks. – mz

By: Editor

Editor — Mon, 07 Mar 2011 20:43:55 +0000

Aite analyst Ron Shevlin has another take on the JD Powers study that’s worth a read:
http://marketingteaparty.com/2011/03/02/interpreting-the-jd-power-us-retail-bank-study/

By: Mark Arnold

Mark Arnold — Fri, 04 Mar 2011 15:06:37 +0000

This is great data–and needs to be shared with front-line staff (not just executives). At many credit unions I hear over and over from staff, “We lost the loan, CD, etc. because we didn’t match the rate.” We need to stop making excuses and start marketing better.