A recent poll of nearly 2,200 US adults suggests that 16% of them moved their money as a direct result of the Silicon Valley Bank (SVB) and Signature Bank failures and the collapse of Silvergate Capital. The plurality of those who moved their money (36%) reported that they moved it to a national bank. However, despite this money movement, the primary provider landscape has largely remained unchanged.
Only 5% of respondents reported changing their primary bank provider as a result of the bank failures, but 23% are considering starting a relationship with a new bank in the next six months, an increase from February. The poll also found that banking leaders should continue to communicate their strong financial positions to customers while working to identify money movers and those at risk of leaving the bank altogether.
While we may not have seen all the money movement yet, this information can help banks better understand consumer behavior and prepare for potential shifts in the market. It’s important to note that the poll did not provide a full picture of the impact of the bank failures on the overall banking industry. However, it does offer insights into the ways that some consumers responded to the news.
As banks navigate a complex and rapidly changing financial landscape, it’s crucial that they remain vigilant and responsive to the needs of their customers. By understanding the concerns and behaviors of their clients, banks can better prepare for challenges and capitalize on opportunities.