Survey: Younger Customers More Likely to Switch Banks for Better Digital Features

Bank customers under the age of 55 are the most likely to switch banks to gain access to better digital features, with 46% indicating they would make that change, according to a new survey from digital consulting firm Mobiquity. The survey found that only 27% of customers 55 and older would change for better digital features.

While better account terms are most likely to get customers to switch banks—with 59% of customers under 55 indicating it would be a top cause—an easier-to-use mobile app was seen by 35% of that group as a reason to switch. The survey found that across the board, consumers have turned to mobile apps to conduct financial transactions more than they used to over the last 12 months.

The survey also found that customers actually switch accounts rarely and that depending on account type, only between 11% and 17% of current customers have made that change in the past year. However, 37% said they are more likely to switch now than they were in the past. Customers were most likely to switch their mortgages than other types of accounts, with 17% responding they changed mortgage accounts in the past 12 months.