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.
Research Goals
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
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