A recent survey by the Ernst & Young 3 revealed that for the banks to remain competitive they must give customers the opportunity to choose by making service offers more transparent, rebalance fee structures to achieve transparency and sustainability required by the regulators and the investors.
The survey revealed that 50 per cent of the global sample (37 per cent of the Indian sample) changed banks due to high fees or charges. The next major reason for change of bank is poor bank experience which was cited by 31 per cent of the global sample (32 per cent of Indian sample).