The news: According to a recent FICO survey, a financial institution’s (FI’s) product offerings matter less than other key factors when customers are choosing where to bank.

What matters most? The top factor influencing customers’ banking choices is whether they already have a long-term banking relationship. This trend strengthens with age: 66% of older customers versus 46.6% of young customers (18-24) cite existing banking relationships as their motivator for where to bank. 

Familiarity is followed by customer service, value, and customer experience—which 88% of customers say matters at least as much as a bank’s product offerings. To provide an excellent customer experience, FIs must offer: