Order Report - Stores and Success Metrics:: Firms Winning the Customer Wallet and Competitive Opportunities as Consumers Add Relationships
Consumer trust in relationships with financial services firms is at the highest levels since tracking began. Despite this, most continue to reduce their share of wallet with their primary store through opening new accounts and establishing relationships with new firms. This report examines how many financial relationships consumers now have, which segments seem to be more and less loyal, and what to consider when trying to acquire and retain clients in a time of greater choice. The report also looks at which stores have the highest share of wallet, reach and loyalty scores.
- Maintaining multiple saving and investing relationships is the predominant consumer behavior, especially for households with traits attractive to firms.
- Share of wallet at primary stores dropped nationally as consumers diversified away from their primary stores.
- Bank of America Merrill, already #1 in reach, further increased its lead and now has relationships with 1 in 4 households.
- Nationally, consumer trust in saving, investing and advice relationships is at the highest since tracking began.
- Weak progress on loyalty metrics, especially likelihood to invest more, presents an opportunity for firms.
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