Financial account consolidation on the rise post-pandemic

The Story: As post-pandemic switching activity is on the rise, people are looking to simplify their financial lives by pulling all their accounts together with a single provider who can serve all their needs – from checking and savings accounts to personal loan products and mortgages to investing and financial planning.

The Takeaway: Banks and credit unions have a significant opportunity to connect with consumers – acquiring new customers/members and deepening relationships with current ones – through smart marketing, personalized to consumers’ needs and life-stages; through exceptional customer experiences; and through messages, products and tools that focus on helping people achieve financial wellbeing across their lifetimes.

Source: Raddon Research Insights, 2020