Your bank is too stuck in its ways
Some 11% of customers who kiss their banks goodbye go to online banks, the Accenture survey found. Banks that can be accessed only via the internet tend to have lower fees, if any, and pay higher interest rates. They also make it convenient to pay bills, deposit checks and transfer funds from mobile devices.
Traditional banks, mired in a local branch infrastructure, are scrambling to keep up. Consulting firm CG42 recently predicted that the 10 biggest banks would lose around $159 billion in deposits to startups in 2019. Many of those challengers operate exclusively online.
