Aussies staying with their banks longer than with their spouses

by AB04 Jul 2013

Clients spend an average of 16 years with the same bank – nearly twice as long as the average marriage, according to a Bank of Queensland study.

The lender says a bond with a client’s bank is ‘much stronger’ than it is with a loved one and is well ahead of the duration of relationships with doctors and lawyers (11 years), accountants and dentists (nine years), vets and a mobile phone company (eight years).

BoQ chief operating officer, Jon Sutton, says banking relationships often form with customers from a young age - but keeping them has become more difficult as the industry continues to become ‘super competitive’.

"There is a strong relationship between a customer and their bank, particularly when you consider banks are there when you make life-changing decisions such as buying a house and investment properties,'' he says.

Given that the average home loan borrower refinances after about three years, we’re not sure how broker/client relationships stack up. However, we’d love to hear your stories about clients who’ve stuck with you for the long-haul in the comment box below.

COMMENTS

  • by oldBroker 4/07/2013 9:51:31 AM

    I got better service from my bank than my ex.

  • by SIDBROKER 4/07/2013 10:14:10 AM

    They both let me down so i turfed the both of them. Now i beleive they are both happy and so am I. lol. Just kidding. It was a joke right. Sweetheart don`t take things so seriously. Oh no here we go again.

  • by MC 4/07/2013 12:22:29 PM

    Just a reflection of shallow western culture where the holy dollar & material possessions coupled with a self indulgent focus takes 'pride of place'! What a shame but I guess some deeper connection to earth & surroundings does not seem to be of significant value - (alias - The Philosopher)