American Banker: This company simplifies bank switching. And banks pay for it.
Stephen Greer, a senior analyst with Celent, said that overall, consumer loyalty to a primary institution is tough to overcome.
“Even if it’s easy to switch direct deposit information and bill pay, consumers aren’t doing it much,” he said. “I think a lot of it has to do with consumers thinking all banks are the same and they don’t really see a differentiation in the products.”