Whether you’re Bank of America or one of their competitors, Bank of America switchers should be on your radar. These are banking customers whose primary or secondary bank is Bank of America and they’re interested in switching their bank in the next 12 months, and we’ve looked deep into the data on this audience within the Resonate Ignite Platform™.
Meet the Bank of America Switchers
From a demographic overview, this group is split male and female, and they’re on the younger side — perhaps they’re still figuring out the right bank for them. They could be in their first job after college and they’re trying to make those adulting decisions. Their top personal value is acquiring wealth and influence, and their number one psychological driver is social and professional status. You can imagine a persona emerging here. A recent college grad, feeling confident in their new corporate job. They have big plans about the success they’ll find there. Now, they need a bank to help grow their financial future. Those values and drivers give color to the basic demographics.
Source: Resonate Ignite Platform™, July 2021
So, what does all this mean for connecting with these Bank of America switchers? What can you find in the privacy safe, deep consumer understanding available in the Ignite Platform™? We have five data-driven insights that could help you connect and either retain or conquest these banking customers.
Insight One: These Customers Want to Be More Than an Account Number
We can see that these Bank of America switchers are significantly more likely than the average American adult consumer to feel that they are not valued as a bank customer. They also want their bank to know them. A faceless approach won’t work with these customers — they want to feel like more than an account number. They want a partner in their bank that gives them personal attention and helps them achieve their financial goals.
Interesting note: they are also more likely to prefer a national bank to a local bank. As a larger entity, how can you create a personal connection with these customers?
Insight Two: More is More When it Comes to Communication
While brands, financial institutions, and basically everyone can feel skittish about sending too many emails, but these customers are actually more likely than the average consumer to say they disagree that their bank communicates too often. This could be related to wanting their bank to get to know them — they want an open line of communication here.
Source: Resonate Ignite Platform™, July 2021
Want to dive into other data-driven banking audiences? Meet several microsegments in our report, The Bank Marketer’s Playbook.
Insight Three: Almost Half Think It’s NBD to Switch Banks
When you’re talking about bank switching, some people are instantly intimidated. All those accounts and numbers to transfer, the bills to shift around — it’s complicated, right? Not necessarily. Nearly half of these Bank of America switchers either disagree that it’s a hassle or they’re neutral on it. So, if they see greener banking pastures, they may be easy to entice.
Source: Resonate Ignite Platform™, July 2021
Insight Four: Keep an Eye on Where Else They’re Already Banking
It make sense that if someone is already banking with another bank, even if it’s their secondary bank, that they can easily shift over their accounts. So, as other companies look towards competitive conquesting of these Bank of America switchers, they should feel encouraged if they’re on this list. Consider adding an offer for customers to expand their accounts and see if you can capture the primary spot in their wallet.
Source: Resonate Ignite Platform™, July 2021
Insight Five: Account Consolidation is a Top Priority (Ring a Bell from Insights Four?)
Look at us coming full circle here. We just talked about secondary banks making a play for primary status and now we see that account consolidation is a top reason for these banking customers to switch. Streamlining accounts is a key message that will resonate with these customers.
Source: Resonate Ignite Platform™, July 2021
Want to see how similarly targeted messages could help you work on acquisition, retention, expansion, and conquesting efforts? Request a demo today and we’ll do a deep dive into your customers — and your competitors’.
