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Resigned To A Bad Banking Experience?

Poll QuestionFewer of us are considering ditching our big banks.

But is that good news necessarily?

Not really, according to a new study by cg42, a Connecticut-based management consulting firm.

Just 26% of customers are fed up enough this year to consider moving their money, down from 33% in 2011, according to the 2013 Retail Brand Vulnerability Study.

But the study points out the shift isn’t due to improvement in customer experience.

More likely: A “sense of resignation,” the study says, that customers “have no choice but to put up with the frustrations they have.”

While banks showed improvement on “lower order” frustrations, such as basic customer service, customers’ frustrations regarding fees and charges were unchanged from 2011 to 2013.

Chart showing the 10 most vulnerable retail banksThat could be a problem for the country’s 10 biggest banks, as those frustrated customers represent $627 billion in deposits and $34 billion in revenue.

But the study notes that only 15% of dissatisfied customers are actively looking to switch from their primary bank and 11% are more passively frustrated and likely to stay put.

The banks with the greatest risk of losing customers are Citibank, BB&T and Bank of America, in that order.

The study found that 11.4% of Citibank’s customers expect to move their $18 billion in deposits to another banking institution in the next year.

There was one improvement – only 63% of the 3,662 bank customers surveyed believe that “banks merely claim to have consumer interests at heart but in fact only care about their own interests,” as opposed to 71% in 2011.

Way to go, big banks. Way to go.

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Results from last week’s question: 60% of respondents said they had successfully negotiated for a deal when making a major purchase.

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  1. A.Bundy said:
    on August 12th at 10:26 pm

    I gave up Citibank when they lost my $225 check from Canada. they refused to help and my Canadian bank said that the cash was already transferred. Needless to say, Citi NEEDS to fire their managers on the spot.