Retail Bank Consumer Path to Switching

Retail Bank Consumer Path to Switching $675 represents 65+ 18-24 17% 11% 7% of consumers will consider switching banks within the year 21% should I switch? 35-44 affluents who maintain 30%higher - 24-44 yr olds deposits are more likely to switch are more likely to switch average banking shopper consults reasons for 8.9 sources switching? before switching banks 33% S too many fees search word of mouth mail 21% poor customer service III NEWS 15% bank center tv news Ш1 location of bank 12% move to new area brochure email other what sources are 47% of people take 1-6 months .. they consulting? to compare checking accounts 80% 70% 60% 50% 40% 30% 20% 10% Search Friends Bank Talking to Bank Rep Comparing Talking to Bank Rep via Phone Engine & Family Websites Online top influential sources sought-out sources 22% talk to 1 convenience of bank locations satisfied with online services offered 3. bank doesn't charge excessive fees ATMS are conveniently located keys to customer 75% talk happiness word of mouth is important for prospective banking customers before and after making a decision citi Sources: Javelin Strategy & Research, 2012 Google/Shopper Sciences, Zero Moment of Truth, 2011 O billion dollars in deposits 25-34 33% %6 55-64 13% 45-54 co-workers 53% talk to friends/family