Thanks to the rise in easy-to-use technology, switching between banks is perhaps easier now than it has ever been before, and the banks with the best customer loyalty are sure to be rewarded.
Bain & Company, a consultancy, notes that, "[t]he rewards of customer loyalty are significant. Loyal customers buy more, stay longer, cost less to serve and refer valuable new customers."
Investors need to know which banks lead the way in customer loyalty because it is sure to help the banks in the long run, and those loyal customers will translate straight to the bottom line. This has boosted banks like Huntington Bancshares (NASDAQ: HBAN ) , M&T Bank (NYSE: MTB ) , and JPMorgan Chase (NYSE: JPM ) in the past, and the following video outlines which banks lead the way in customer loyalty in the U.S. by region, including one bank that may surprise you.
The one bank worth buying
Many investors are terrified about investing in big banking stocks after the crash, but the sector has one notable stand-out, that has turned loyal customers and great management into rewards for shareholders. In a sea of mismanaged and dangerous peers, it rises above as "The Only Big Bank Built to Last." You can uncover the top pick that Warren Buffett loves in The Motley Fool's new report. It's free, so click here to access it now.