Fulcrum Thought: What partnerships could we forge that make switching feel less like changing a service and more like losing a part of your identity?
The Switching Surge and Open Banking
Patrick has made his most recent presentation available for you to consume in a report format. The report is excellent (but add Patrick’s color commentary in a live session and that is very powerful) and for me the “money slide” is this one that highlights that checking accounts may not be offering the “stickiness” most of us take for granted.
Two takeaways for me, which are extremely critical:
1. Switching isn’t sporadic – it’s structural now
Acquisition funnels must now assume churn is happening at the core relationship level. It’s not just about stealing spend, it’s about owning intent.
2. Three Switcher Personas:
a. Change Navigators (Young, <$50K income): React to life events, trust word-of-mouth, and want frictionless, life-aligned solutions
b. Value Vigilants ($100K-$250K assets): Track macro conditions and switch for better economic value, fast! App flaws or fees can break loyalty.
c. Elite Explorers (Young, affluent): Switch for novelty, personalization, and prestige. They're primed for innovation and are willing to pay for it.
