As part of our investigation of the consumer attitude toward their primary financial institution (PFI), DMN3 gives you its second installment of video interviews. Click the link below to uncover the consumer motivations for choosing a PFI.
Among the variety of responses, what I found most interesting was "life changes" to be a major factor in the consumer's ultimate decision when choosing a PFI. I did some research and found that our results are much like those discovered in the J.D. Power & Associates "2011 U.S. Retail Bank New Account Study."
According to the study, the No. 1 reason is a life event, or "life change," such as a marriage, a move, a divorce, etc.
The top five factors are:
- Life circumstances - 28%
- Rates or fees - 17%
- Unmet expectations or needs - 13%
- Desire for better customer service - 8%
- Advertising message - 7%
The study also found that 8.7% of customers in 2011 indicate they switched their PFI during the past year to a new provider, compared to 7.7% in 2010.
Bottom line, understanding who your customers and members are and anticipating their needs can go a long way to protecting and growing your relationship. Do you know the reasons for your members or customers choosing you as their PFI? In addition, how likely are they to choose you again if a life change or circumstance occurs?
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