Aussies staying with their banks longer than with their spouses

The average Australian spends almost twice as long with their bank as they do with their marital partner



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.

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