Consumer backlash against bank fees, coupled with poor service and unmet customer expectations, has fueled increases in defection rates among customers of large, regional and midsize banks, according to the J.D. Power and Associates 2012 U.S. Bank Customer Switching and Acquisition Study.
On the heels of Bank Transfer Day, the beneficiaries of the growing move from larger banks are primarily smaller banks and credit unions, J.D. Power said.
Acquisition of new customers by smaller banks and credit unions has increased by 2.2 percentage points to an average of 10.3% in 2012 from 8.1% in 2011, the study found.
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