Bank Switching Behaviors in the Digital Age
The likelihood of a customer switching primary bank accounts is very low. In fact, the intention to switch is 8 times higher than the action to switch. In this webinar, we share research on zones of indifference, inertia thresholds and pricing sensitivities; and through case studies hear where non-monetary incentives, behavior-based strategies, pricing, segmentation and consistent rewards can impact bank switching behaviors. Understand why customers don’t switch banking relationships in the digital age, and reimagine campaigns for greater effectiveness.
- Develop a more comprehensive understanding of the barriers to switching as it relates to the new retail banking landscape
- Learn how to leverage analytics, big data, behavioral economics and pricing strategies to remove barriers and challenges
- Identify the key factors that impact switching behaviors including proposition, brand and reputation, customer sentiment and inertia
- Reimagine customer segmentation to support new acquisition and deposit growth