Overcoming Stealth Attrition in Retail Banking
SLD conducted a national U.S. survey of 1,100 respondents to understand their banking behavior and the level of risk from new emerging mobile and non-traditional banking platforms. The study was conducted in February 2017 and forms part of a strategic review of the evolving role and value the physical branch can provide in building loyalty and reducing account attrition.
Specifically, SLD explored the hypothesis that there is a significant movement toward customers slowly switching their banking accounts from their primary financial institution to online only banks and non-traditional banking platforms. We have labelled this trend “stealth attrition” and the research will identify strategies to help overcome this growing phenomenon.
- To determine the level of bank customer attrition and key causes
- To understand how bank branches can bring value to customers
- To identify gaps in customer satisfaction with financial institutions
- To determine the banking services where attrition is most likely to occur
- To identify potential strategies to overcome stealth attrition