The Switchable Middle

American Banks Face Growing Competition as Majority of Customers Feel Moderately Satisfied

Temenos (SIX: TEMN), a global leader in banking technology, has released a report by Celent highlighting a gap between what US banking customers increasingly expect and banks' ability to deliver. The 75% of US consumers are only moderately satisfied or less with their primary financial institution, while 62% of banks say it has become more difficult to win and retain customers over the past 12 months. The report identified a “switchable middle” where 75% are only “moderately satisfied” or less satisfied with their main financial institution. The research also revealed that nearly half of consumers are dissatisfied with their payment services and over a third are least satisfied with value-based offerings (fees, rates, and rewards). Consumers are willing to consider switching banks when competitors offer clearer financial value and stronger digital capabilities.