Now that the dust has begun to settle on the acquisitions of Washington Mutual by Chase and Wachovia by Wells Fargo, the question now is whether WaMu and Wachovia customers will remain customers of their current bank or transfer their assets to another bank. Some WaMu and Wachovia customers may perceive transferring their assets to another bank as a perceived flight to safety to banks not as entwined in the current economic upheaval.

We first looked at loyalty rates among top banks to get a better understanding of whether certain online banking customers are prone to shop the competition or stick with their current bank when shopping for a similar financial product. Below, you can see that 51% of WaMu online banking customers in market* for a checking account considered opening a checking account online at WaMu. Likewise, 46% of Wachovia’s customers considered opening a checking account online at Wachovia. According to our data, both WaMu and Wachovia have above average loyalty rates with the average among this competitive set being 33%. Bank of America ranks the highest among this competitive set with a 53% loyalty rate.

*In market is defined as online bankers that visit shopping checking product pages

**Loyalty rates are based upon shopping behavior of current online banking customers in market for a checking account between January and June 2008

Second, we looked specifically at the online behavior of WaMu and Wachovia customers to understand which banks may be getting new business from WaMu and Wachovia customers in the near future. The competitor most likely to receive business from both WaMu and Wachovia customers is Bank of America - 37% of WaMu online bankers and 45% of Wachovia online bankers researched Bank of America’s checking products online between January and June 2008.

It should be interesting to see how WaMu and Wachovia customers react in the coming months. But, in both cases, with almost half of their customers prone to shop on other competitors’ sites, there is a real opportunity for other banks, especially Bank of America, to capture additional market share.


Analyze more domains: + +

Done reading? subscribe: To get an automatic feed of all future posts subscribe here, or to receive them via email enter your email address in the box in the right column.

Link to This Post:     


Comments

RSS feed for comments on this post.
  1. Ling

    I’m not sure thats such a good idea, considering BofA just assumed all of countrywide’s debt. Its going to take a heck of a lot of effort and cash for them to come out of that deal in one piece.

  2. Carol

    Loyalty is a 2 way street.

    I hung with WaMu through their problems, but last week, I received notice my credit card rate will be raised by 10%!! Never over extended, never late, made triple payments…Well, obviously they don’t need or want my business. I closed the account, and I am in the process of moving all my cookies elsewhere.

  3. E. Bernal

    I have been with WaMu for 5 years after leaving Wells and their unilateral “change of terms” on my accounts, but now I have had the unexpected…I can not make use of my own money because a WaMu branch manager decided to put a “hold” on it. I have two checking and one savings accounts, and withdrew money from my 401k and deposited the check in one of my checking accounts. Long story short, three days and two branches later, I was told that the check cleared, but I COULD NOT ACCESS MY MONEY UNTIL NEXT WEEK because there were no such large amounts deposited in this account’s history and the manager decided to put a HOLD on it.
    Next week…SEE YA WaMU!!

  4. Sohbet,Forum

    The Special Blog thanx JeSsiCa sohbet chat sohbetci

  5. iso 9001

    very nice :)

  6. ELD DANISMANLIK

    thank you sharing,

  7. bassan

    hi, msj 101 wonderful blog 101 share


Have something to say? Leave a Comment

Get the comments RSS feed, instant notification of new comments

Latest Blog Posts:


Jul 2: White Gloves & Thrown Elections: Michael Jackson vs. Iran Election
Jul 1: Did the iPhone 3G S Steal the Palm Pre’s Thunder?
Jun 30: The Role of Search in the Online Auto Insurance Market
Jun 29: MJ or Bust: Millions Hit Web to Learn of the Loss of Their “King of Pop”
Jun 26: Digital 180 with BabyAge.com President Jack Kiefer
Jun 25: With Help from Media, Twitter Overtakes Google as Leading Search Engine for “Iran+Election”
Jun 24: T-Mobile and BillShrink.com: Friends with Benefits?
Jun 23: Top Coupon Sites: Saving Money Now Easier, More Popular Than Ever
Jun 22: Unemployment Claims Sites Seeing Dramatic Increases in Traffic.
Jun 19: For those about to RockYou.com, we salute you!
Jun 18: Summer Movie Blockbusters Go Big on MySpace
Jun 17: Palm Pre Shoots to Rival the iPhone Launch
Jun 17: Digital 180 with Canoe Ventures’ David Verklin
Jun 16: Target vs. Wal-Mart: Online Conversion Battle Heats Up
Jun 16: Digital 180 with Virgin Mobile’s Bob Stohrer
Jun 15: May Data Highlights: Twitter’s Growth Shows Signs of Fatigue
Jun 12: Touchscreens: A silver bullet in the wireless phone market?
Jun 11: Bing Attracts New Searchers, But So Far Only For a Trial
Jun 11: Jon and Kate Divorce Rumor Searches Soar, those for Britain’s Got Talent’s Susan Boyle Plunge
Jun 10: May Search Market Share: Pre-Bing Launch, Sponsored Referrals Dip at MSN/Live


Download MoviesBuy NeroBuy Cheap OEM softwareDownload mp3Buy Cheap OEM Software