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Why Customers Aren’t Switching Banks, but Supplementing: A New Banking Report Reveals Emerging Trends, Behaviors, and Desires Amongst Consumers

Always Finance – by Panos Archondakis 

Despite the disruption and upheaval of the last two years, a new and comprehensive consumer banking report discovered that consumer satisfaction has only dropped 5% with their traditional banks. However, while most consumers are content, the findings suggest that people – particularly Gen Z and Millennials – are handpicking from a range of services, creating a suite of products that meet their evolving needs, requirements, and values. These people have no intention of leaving their primary banks as their family uses the brand or because they trust the brand – but they are supplementing specific services from the growing selection of diverse FinTech startups entering the market.

How and Why Are Consumers Supplementing

Whether the pandemic led to the desire for more ubiquitous services, the survey’s results show that consumers, especially younger ones, do not necessarily want one bank to meet all of their financial needs. More than one in three participants were happy to use many financial companies, with 36% admitting that they would prefer to use different businesses for unalike requirements. Interestingly, and somewhat unsurprisingly, that percentage goes up to 42% when those over the age of 44 are excluded, with over half of those already banking with neo-banks saying they would use alternative financial companies for certain services.

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