In 2024, the financial services landscape in the US witnessed significant consumer activity, with nearly half switching primary providers. The report highlights a growing sensitivity to fees, with 44% of consumers citing high fees as the main reason for switching. Checking accounts saw the highest switching rate at 23%, followed by credit cards and debit cards. The report also emphasizes the role of digital experiences and customer service in influencing consumer choices, especially among younger demographics. As economic conditions stabilize, personal life changes are now the primary triggers for considering new financial relationships, emphasizing the need for banks to align their offerings with consumers’ evolving needs.
Nearly half of consumers switching primary providers in the past year. Looking ahead, financial institutions must align offerings with consumers' evolving needs.
Patrick Rahlfs, Principal Analyst – Financial Services
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