They don't seem to be.
Here's an interesting bank retention survey by Vox . Here's what the report had to say:
- Bankers who answered our Bank Retention survey think rates and fees are their biggest nemesis, with 73% saying it's the main reason for why a customer leaves.
- However, our customer poll results actually dispute that. Only 11% of our respondents said they'd leave a bank because of high rates and fees. Convenience rated most important at 56%, followed by 15% stating they'd leave a bank due to poor customer service!
- 45% of the bankers believe that a feeling of financial partnership is the main reason a customer chooses to stay with a bank.
- Only 7% of customers actually feel they have a financial partnership with their bank!
- 69% of customers are indifferent or skeptical of developing a relationship with their financial institution.
Looks like there is a lot of work to be done. One interesting thing that this study talks about is the effectiveness of frontline staff- tellers, to building lasting relationships.