CCG Catalyst

Project Catalyst Explains Causes for Emotional Customer Attitudes Towards Acquired Banks 

CCG Catalyst

Project Catalyst Explains Causes for Emotional Customer Attitudes Towards Acquired Banks 

CCG Catalyst Consulting Group - Leaders in Bank Consulting

Project Catalyst Explains Causes for Emotional Customer Attitudes Towards Acquired Banks 

We separated respondents concerns into three categories: products, business and other. They are slightly (3.252%) more concerned with the business of the bank over the bank products.


bank_acquPHOENIX –
Using SNL, Project Catalyst — a leading management consulting firm — identified 21 of the 35 recently acquired U.S. banks, and surveyed 100 bank customers who experienced an acquisition of their bank. The research unveils insights about the banking customer’s attitude toward the acquired bank, which helps bank executives understand the account holder’s viewpoint during and after the merger and acquisition process. Research conducted by Project Catalyst took place on April 26, 2016.

“Future of banking is dismal; personal customer service will continue to rapidly disappear until it is non-existent; everyone will be a faceless number and everything will be paperless and online — so sad.” – Male, age 58, CNL Bank, closed account.

Mergers between U.S. banks could hit the highest level in a decade this year, and with the majority of customers reacting emotionally to bank acquisitions, it’s important to understand how negative and positive emotions erupt.Untitled

Customers from banks from 17 different states were surveyed: Alabama, Arizona, California, Florida, Georgia, Kentucky, Michigan, Minnesota, Missouri, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas and Washington.

The survey, comprised of nine multiple-choice questions, asked customers specific questions about their habits, behaviors, and actions with their financial institution.

(98%), or a savings account (80%), and a credit or debit card (84%) with their financial institution.

Only a quarter (25%) of the respondents had an IRA or investment account with their bank.

We also learned many respondents’ behavior was to conduct business through the bank’s online banking product (38%).

 Only 25% of the respondents visit the bank’s branch frequently, and fewer noted that the branch staff knew the respondent by name. Even fewer (10%) had a relationship with a personal banker or officer, and some respondents (10%) said they had no relationship with the bank and felt like they were just a number.

The findings from this research provides:

The customer relationship with the acquired bank

Customer actions and concerns about the acquired bank

How to reassure customers during the acquisition process

For further questions and information regarding this study please contact:

Tery Spataro, Executive Vice President, Director of Innovation, Project Catalyst

teryspataro@ccg-catalyst.com | 800-439-8710 ext. 245

ABOUT CCG CATALYST

CCG Catalyst is a leading management consulting firm connecting bank strategy to innovation, transformation, and disruption. We advise our clients on the direction of banking, development of the strategy and managing the disruption related to the execution of the tactics. CCG Catalyst leverages decades of deep industry experience to provide practical business strategies and organization, analytics, and technology consulting for our clients.

We are a team delivering you competence based upon proven experience in Strategy, Payments, Organizational, Optimization, Technology, M&A and Risk & Regulatory Compliance. We solve problems, validate a positioning, and provide strategic point of view and direction.
Project Catalyst is a forward-thinking research lab created to serve banks and fintechs through pioneering strategic methods and research to aid in new business ideas that will help stimulate change in to the business of banking.
CCG Catalyst is headquartered in Phoenix, AZ, with consulting offices across the U.S

CCG Catalyst

Phoenix • New York • London • Singapore

Phone: +1-480-744-2240  • Contact Us

© 2021 CCG CATALYST CONSULTING. Privacy Policy & Terms of Service.
Request a Call Back
Linkedin
Twitter
Subscribe
for Insights
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

SAVE & ACCEPT
Director of Digital Strategy

Tony Lazare, Digital Technology Manager


Tony Lazare is the Digital Technology Manager. He has 20 years of extensive experience overseeing all aspects of an IT department, including web development, internal development, database management and reporting, quality assurance, and release management. Tony is a dedicated leader with outstanding technical and management skills and a proven track record of success developing and executing IT.

Tiana Brown, Principal


Tiana Brown is one of the Principals at CCG Catalyst. She has more than 10 years of experience in client services, financial services, operations, and consumer and mortgage lending. Her financial services expertise is comprised of both internal and external engagements. She has strategically coached clients at the organizational, leadership and operational level.

As Principal, Tiana’s subject matter includes internal operations, business processes, as well as risk associated with payment and consumer lending processes and structure. Her consulting skills and her depth of knowledge of financial services affords her the ability to guide and work with banks and fintechs to execute strategic plans that result in successful and sustainable outcomes.

John Peckham, Principal


As a Principal at CCG Catalyst, John Peckham has over 25 years as a trusted advisor to the financial services industry. John is a proven senior level executive, with demonstrated success directing business transformation and delivering impactful results within the digital, technology and fintech space.

As bank consulting leader, John has guided clients in banking, fintech, insurance, credit, as well as, both established and start-ups in creating, building, deploying, and excelling at technology based “disruption” of the established financial services industry

Before joining CCG, John held executive and board-level positions in a variety of companies. His banking experience ranges from community to top 100 banking institutions and has held several leadership positions in his tenure.

Kate Drew, Director of Research


Kate Drew is the Director of Research at CCG Catalyst. Her decade of professional experience includes leading data-driven research projects, creating fintech industry thought leadership, and managing editorial content for publications including Business Insider Intelligence and The Value Line Investment Survey.

At CCG, Kate spearheads client-facing research projects on fintech topics including open banking, digital channels, payments, lending, blockchain, artificial intelligence, digital wealth management, and others. She leverages quantitative data as well as conducts field study based on desk research, conference and event findings, and interviews with prominent industry leaders at fintechs, banks, and other financial and nonfinancial institutions. Her research brings voices into data and provides perspectives informed by real experience inside of financial services companies.

Miranda Jenkins, Chief Operating Officer


Miranda Jenkins is the Chief Operating Officer (COO). As a financial professional with more than 10 years of experience, she has assisted and lead strategic planning, analysis, operational management, and technology development work in private equity and hedge funds in the US, Europe, and Asia. She has handled operations of various funds including cash management, hiring, staffing, strategic goal setting, budgeting, technology development, and planning and implementation.

As COO, Miranda works with colleagues across the firm to execute on the overall vision and is responsible for the daily operation of the company. Her uniquely comprehensive background affords her to advise CCG Catalyst and its clients on operational and strategic initiatives.

BANK
FINTECH
FUSION
  • About
  • Services
  • Insights
  • Fintech
  • Research
CCG Catalyst
  • Contact
  • Press
  • Careers
  • Events
  • Terms
  • Privacy
Linkedin
Twitter