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.