Consumers are Sticking with Their Banks

A new study by J.D. Power shows only 4 percent of consumers switched banks accounts to a new institution last year; big banks in particular are keeping their customers due to better digital tools and investments in branches; the 10 largest retail banks grew their share of deposits to 48 percent from 39 percent in the last 10 years; the data also shows that millennials are helping to drive up the deposit number as they are opening accounts at big banks more than smaller banks; banks reputation scores are still lower than they were before the financial crisis, showing that banks are not thought of in a great light but they are convenient. Source.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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