Bite-Sized Insights: Switching Banks

Switching Bank

Each week we ask our trusted Insights panel of parents a key question. This week we were interested in finding out what their thoughts are about switching banks. It turns out many parents are either happy with their bank or else find switching tricky. Take a quick read of this week’s bite-sized insights to find out what else our trusted panel told us:

Would you like business-transforming insights for your brand? Use our tailored panels of engaged parents and our dedicated private platform to gather critical insights to help your decision making and activate customers. Contact us now to find how we can help.

Recommended reading: What Parents Told Us About Family Insurance

We asked our Insights panel of parents to answer these quick questions:

If you have switched bank in the last year or are considering switching banks, what made/is making you switch?

  • No plans to switch 59%
  • Lower charges 35%
  • Other 4%
  • Customer service 2%
  • Branch location and/or opening hours 0%
  • Better offer on a financial product I need 0%

Switching Bank

Are you happy with your current main bank? If so why? If not, why not? 

Comments from our panel members included:

“Happy with them right now but if their charges go up then I’ll reconsider.”

“I feel there’s no real choice. It’s so difficult to switch that people stay. And it’s hard to find details at a bank now where you can talk to someone about personal choices or queries.”

“I’ve been with the same bank for so long, I haven’t really looked into changing until recently but I have to try to make cuts and save money now so I’m planning on looking around properly for lower charges or switching deals.”

“No, I find they don’t really help us out much considering we have 3 accounts with them and have done for a long time. Their charges and interest rates are quite high also.”

“I have been with AIB since 2000 and have just never thought about changing. I don’t really look into my options in regard to banking, I guess I don’t know where to start or what to check.”

“Charges are ridiculous and opening hours are inconvenient.”

Reflections for Banks

  • Are you communicating benefits to families to being with your bank?
  • What savings options are you encouraging both your parent customers and their children to take out with you?
  • Can you create useful content around key parenting decision points throughout the year that helps them? E.g. planning for Back to School, Communions, Christmas?
  • It really is all about online, not one parent cited branch convenience as a reason for staying with or moving to a new bank. Is your online offering as good as it could be?
  • When it comes to queries and finding out more about your offerings, there is an appetite for the personal touch and real people at the end of a phone. How good is your customer service when it comes to phoning the bank? How easy is it for people looking to switch to reach a person to talk to?
  • Would your customers recommend your bank? Give your customers a reason to tell their friends and family about the great customer service/product offering/convenience you provide.

Would you like business-transforming insights from parents for your business? Use our tailored panels of engaged parents and our dedicated private platform to gather critical insights to help influence consumers to deliver long term profitability. Contact us now to find how we can help.

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