Nationwide, 32% of retail banking customers are now open to switching their primary bank, according to Rivel Banking Research’s 2023 Q3 data. Major pain points that are driving customers to consider leaving include high fees, poor rates on their deposits and loans, an antiquated digital experience, and the institution not supporting their financial well-being. With astute planning and customer-centricity, banks can strengthen their consumer banking offerings even in the face of challenges like a possible downturn. Below are the four retail trends that we are keeping an eye on — based on our research — over the next year.
