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Most banks think they have an attrition problem under control because the closure numbers still look healthy.
But customers are not leaving the way they used to.
They are opening accounts at Chime, SoFi, Robinhood, Cash App, and Acorns while keeping their old bank relationship open. The direct deposit stays, and the account stays active, and even the dashboard says everything is fine.
Meanwhile, more spending, more engagement, and more deposits quietly move somewhere else.
In this episode, I break down what I call “silent attrition” and why the first outbound transfer matters more than the eventual account closure. Using data from J.D. Power, Cornerstone Advisors, Accenture, and a real-world engagement with a $10 billion institution, I explain why traditional retention metrics no longer reflect customer reality, how challenger brands are winning share of wallet without triggering alarms, and what banks can do right now to identify customers who are already halfway out the door.
Because by the time the account closes, the relationship has usually been gone for years.
