December 1, 2022 – Historically, banks knew that once a primary banking relationship is established, it is unlikely to change; efforts could focus on acquiring—not necessarily retaining—customers. This paradigm also created inertia on the provider’s end, often creating little incentive to offer more than necessary to compete with banks doing the same. Challenger banks and the potential for super apps are alarm bells for providers to snap out of their lackadaisical states and become alert to the changing times.
This Impact Report leverages the findings from Aite-Novarica Group’s 2022 survey on consumer financial behavior to shed insight on the primary financial relationship for providers looking to better understand what compels and retains a consumer’s interest. In Q3 and Q4 2022, Aite-Novarica Group surveyed 2,006 banked consumers in the U.S. to understand their financial behaviors. A portion of the survey was dedicated to primary financial service provider relationships and understanding the consumer behaviors driving them.
Clients of Aite-Novarica Group’s Retail Banking & Payments service can download this report and the corresponding charts.
This report mentions Bank of America, Chime, Citibank, JPMorgan Chase, PNC Bank, Truist, U.S. Bank, and Wells Fargo.