The consumer banking industry has long operated on a quiet premise: once you had a customer, you more or less kept them for life.
Direct deposits, automatic payments, linked accounts and the general hassle of moving money gave banks a built-in retention advantage
For many consumers, staying put was less a sign of loyalty than a response to friction. That premise is no longer holding true Raisin’s 2026 State of Consumer Banking Report found that 65% of Americans have switched banks at least once, and nearly one-third have switched multiple times. The rise of fintechs and digital tools has changed what customers expect from their financial institutions.
Comparing rates, opening accounts, and moving money no longer feel like major hurdles, weakening the friction that once kept consumers in place. But easier access does not mean every consumer is acting on the information available to them. Raisin’s report found that only 7% of Americans are currently earning what would be considered a competitive savings rate in today’s market, while 31% don’t know their savings interest rate at all.