Making the Switch

The Dynamics of Consumers' "Path to Purchase" in Checking

In recent years, acquiring new checking households has proven challenging for most banks. With M&A and branch-building now limited, banks must win customers individually to grow core relationships and gain share.

One way to do this is to attract a larger percentage of consumers who are actively shopping for a new checking relationship at any given time – those who are “in-play”.

Oliver Wyman and AOL recently conducted a survey of over 1,700 banking consumers to better understand the habits and actions of those who are in-play at any given time and how to attract them. 

Our research sheds new light on the path to purchase and highlights several areas where banks can adapt their strategies to increase their share of new customers. We address three key topics in this paper:

  • Where to concentrate marketing efforts
  • How to ensure a smooth and successful purchasing process across channels
  • Which elements of the value proposition are most critical

Vivian Merker – Principal in the Americas Retail Business and Banking Practice
Tim Spence – Partner in the Americas Retail Business and Banking Practice

Making the Switch