A new study by J.D. Power shows only 4 percent of consumers switched banks accounts to a new institution last year; big banks in particular are keeping their customers due to better digital tools and investments in branches; the 10 largest retail banks grew their share of deposits to 48 percent from 39 percent in the last 10 years; the data also shows that millennials are helping to drive up the deposit number as they are opening accounts at big banks more than smaller banks; banks reputation scores are still lower than they were before the financial crisis, showing that banks are not thought of in a great light but they are convenient. Source.
