Very few people feel like they belong at their banks. So why won’t many customers switch financial institutions?
One bank CEO think he knows why.
“I think the biggest reason people don’t change banks — and of course, I’m biased on this, but I believe it in my bones — they just don’t know what some banks offer,” Frost Bank CEO Phil Green told Yahoo Finance Live (video above).
A Frost Bank survey found that only 11% of people felt a sense of financial belonging with their banks, but 44% of respondents say they won’t change banks.
“Most people feel that knowledge is a big inhibitor for them feeling belonging. They just don’t know what some banks offer,” Green said. “They don’t know that it will provide those elements of financial belonging that people have told us about. ”
Full article: ‘The biggest reason’ why people won’t switch banks (yahoo.com)
