As a result of the many bank takeovers and mergers from the last three years, retail banking is increasingly consolidated, with the three biggest players – Bank of America, Chase, and Wells Fargo – named by 40% of consumers as their primary bank. Furthermore, while only 31% of respondents in June 2009 said their main credit card was issued by their primary bank, that number has risen to 47% in January 2011 when the survey was fielded.
In this consolidating market, pre-existing relationships become critical selection factors:
The consumer’s prior experience with the bank is the single most important factor in the decision to buy additional products. Among customers who had multiple relationships, 42% cited good customer service as their primary motivation for consolidation, compared to 35% who said their decision was driven by a better rate.
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