REVIEW article
Front. Commun.
Sec. Advertising and Marketing Communication
Volume 10 - 2025 | doi: 10.3389/fcomm.2025.1548050
An Investigation of the Switching Behavior and Why Customers Switch Banks in the Retailing Banking Sector
Provisionally accepted
- University of Finance and Economics, Ulaanbatar, Mongolia
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The systematic review looks at the elements that influence consumer switching behavior in the retail banking industry, which includes fintech companies, online platforms, and traditional banks. Financial institutions must concentrate on pricing tactics, service quality, and cutting-edge product offerings in a competitive market to keep clients. Key factors influencing consumer switching behavior, including service quality, pricing competitiveness, digital banking capabilities, and customer satisfaction, are identified in this study through a systematic literature review (SLR) of six chosen papers published between 2020 and 2024. It also draws attention to retention obstacles like subpar customer service and a lack of alignment with customer values. The study suggests methods for lowering customer attrition in order to address these issues, such as raising service standards, cutting banking costs, enhancing digital products, and matching customer expectations. This review identifies gaps in the literature and provides retail banks with actionable suggestions to reduce attrition and enhance customer loyalty by combining insights from various geographic contexts. For financial institutions looking to adjust to changing customer preferences and cultivate enduring partnerships in the retail banking sector, the findings offer insightful advice.
Keywords: Switching behavior, Financial institutions, Retail bank, Consumers, Attitude, Attrition rate
Received: 19 Dec 2024; Accepted: 28 Apr 2025.
Copyright: © 2025 Batmunkh. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
* Correspondence: Ganshagai Batmunkh, University of Finance and Economics, Ulaanbatar, Mongolia
Disclaimer: All claims expressed in this article are solely those of the authors and do not necessarily represent those of their affiliated organizations, or those of the publisher, the editors and the reviewers. Any product that may be evaluated in this article or claim that may be made by its manufacturer is not guaranteed or endorsed by the publisher.