Saylent featured in BAI Banking Strategies
October 2019 – On the surface, it looks like good news: less consumers than ever before are reporting that they “switched” financial institutions in 2019, according to BAI Banking Outlook research. Yet primary bank status in this stage of the digital age means something different than it did a decade ago—with consumers, their gadgets and high expectations leading the charge.
People aren’t quick to uproot and take all their business across town to another provider—but why bother? They can skip that hassle and easily shop for other services—ones they think best meet their needs and that can diminish the value of their primary bank relationship without warning. The rules have changed. According to Cornerstone Advisors, the average household has nearly five financial provider relationships. On top of that, digital providers offer easier access to products and services. No wonder more than 60 percent of those households consider fintech options to meet their needs.
So what does this mean for the primary banking providers?
Read more on BAI Banking Strategies in this recent article written by CEO, Tyson Nargassans.