Give Me One Good Reason to Switch Banks

March 14, 2019


There isn’t a soul on earth, nor in business, who relishes the idea of moving financial institutions. But perhaps it’s time for that to change. That’s because many of the pain points people conjure up when entertaining a switch have been resolved.  

So, you’re looking for one good reason to make a move? Here are three.  

1. On Your Terms – Introductory rates are, by their very nature, fleeting and not a good enough reason to leave your current banking relationship. Many banks, however, are reimagining incentives for new customers and are offering longer-term benefits that can make a move very much worth your while. Consider paying less attention to promotions du jour and more to things like the promise of customized service, evidence of active listening and bankers with proven histories of placing clients in products that truly meet their unique needs.  

2. Fresh Set of Eyes – My friend recently came to me for advice. He was unhappy in his job for a long time and needed help finding something else. I told him not to run from his job, but to run to a better opportunity. The same is true in banking as many who leave their financial partner do so because they are unhappy. But what if you ran to the new opportunity a new bank could provide you? Partnering with a new financial institution puts your financial wellness in the hands of new people, and potentially expands your financial network. The fresh perspectives, innovative ideas, and frankly, the drive to prove you made the right move can accelerate the achievement of your financial goals dramatically.  

3. Not Your Grandfather’s Switch Kit – For many moons, financial institutions have been bragging up the value of their switch kits, services that claim to make moving accounts from one institution to another easy as pie. Sadly, those kits rarely live up to the hype. Thanks to the advent of new technology, however, today’s switch kits have been digitally transformed. They are anticipatory; they are custom; and many have been tailored to specifically serve the needs of business customers. Plus, they are often geared toward seamlessly integrating all of your financial accounts and services so that the most tedious of your financial tasks become easier, simpler – or disappear entirely.  

Aside from the time and diligence a switch takes, there are the personal connections that complicate matters even more. Customers and their bankers can develop a close enough working relationship that it begins to resemble a friendship. If you have a situation like this, you should give your banker a chance to make things better. You may be surprised how the prospect of losing your relationship can open up new opportunities for an even richer partnership.