According to Ernst & Young's 2012 global consumer banking survey, retail bank customers are taking control of their banking relationship more than ever before. The study, which questioned 28,560 banking customers across 35 countries, highlights how customers expect to be financially rewarded for their loyalty. According to the survey, the percentage of customers planning to change their banks has almost doubled in the past year, while 91 percent of consumers expect to receive financial rewards if they do remain loyal to their banks. Here are some additional findings from the report.

Confidence Remains Low

More than half of the U.S. respondents to the study indicated their confidence in the banking industry has waned in the past 12 months. Confidence levels fell in all European countries from last year, particularly the countries heavily impacted by the financial crisis.


Divided Loyalty

Banking customers in more mature economies, such as the U.S. and Latin America, tend to bank with more than one bank, primarily to ensure that they receive the best products and services at the most attractive prices, the E&Y study found.


Change Is a Comin'

Worldwide, the proportion of customers planning to change banks has increased from 7% to 12% since 2011. Banking customers generally demonstrate increased sensitivity to high fees or rates on deposits, and that is the primary reason that most switch their primary banks, said Ernst & Young.


How Can Banks Respond?

To remain competitive amid customers' changing needs and preferences, Ernst & Young suggests banks give customers the opportunity to choose by making promises and service offers more transparent. Banks should also re-balance fee structures to achieve the clarity and sustainability required by regulators and investors, and help customers shape their own banking experiences by improving how they provide information and advice, recruiting online affinity groups and developing flexible loyalty programs, E&Y says.