MX’s 2024 survey reveals shifting banking loyalties as 55% of consumers have closed an account and 23% open new ones yearly. Primacy is no longer about direct deposits but about engagement and experience, with 77% believing they can have multiple primary providers. Top reasons for leaving include bad service, inconvenient locations, and better rates elsewhere. Consumers expect personalization, with 54% wanting providers to know them and 48% willing to share more data if it improves their experience. With inflation and financial stress rising, proactive insights, financial education, and intelligent personalization are essential to retention.

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