Study: Americans to shift $185 billion out of large banks in 2012

There’s very little reason why anyone should stay with the large banks. The hard reality is, they could care less about customers who either can’t propose a multi-billion dollar deal or keep at least tens of millions in their bank. Their customer service reflects how little they care about their customer base and the only thing they will listen to is losing these kind of amounts. This is from a few days ago, bit still interesting. Time:

A lot of Americans are ticked off at their banks, and a new survey puts some numbers to that sentiment. Consulting firm cg42 says big bank customers will collectively withdraw $185 billion in deposited funds in 2012, and a total of $399 billion is “in jeopardy,” meaning that customers are considering making a switch to another banking institution.

“It should hopefully elicit a re-examination of their offerings, customer service and operating policies,” says Stephen Beck, cg42 founder and managing partner. The study took a look at the 10 biggest banks in the country and measured what it terms areas of “vulnerability,” such as how frequently customers get annoyed with their bank and how often they vent on social media forums like Facebook.

The four biggest banks — Chase, Bank of America, Citibank and Wells Fargo — stand to lose the lion’s share of that $185 billion. According to the survey, they’re on track to lose $135 billion in customer deposits if they can’t find a way to woo new customers and keep existing ones from defecting.


An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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