Consumers are most likely to consider switching to a different banking institution to have a fee-free checking account, according to Raddon Financial Group. It even outweighs service quality as a driver. In fact, issues surrounding fees and service charges are three of the top five reasons consumers would switch financial institutions.
Although mobile banking services are not key in enticing consumers to switch financial service providers, nearly half of cell phone owners have used their mobile devices to visit their bank’s website (44%). In addition, 21% have communicated by text or text alert with their bank, 12% have visited their bank’s mobile formatted website, and 11% have downloaded an app.
Source: “National Consumer Research,” Raddon Financial Group, Marcus Rothaar, Financial Analyst, 701 E. 22nd St., #400, Lombard, IL 60148; 800-827-3500; www.raddon.com. Price: Call for information.
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