Home Factors 
Moving represents a pivotal life event where consumers are highly receptive to forming new relationships and making significant purchasing decisions.
When individuals or families relocate, their existing financial arrangements, such as local branch access, ATM convenience, or even preferred insurance providers, often become less suitable.
This disruption creates a unique window of opportunity for banks, credit unions, and other financial institutions to step in as a new, convenient, and trusted partner.
Reaching new movers quickly and with relevant offers, financial service providers can capture a segment of the population that is actively seeking new services and is significantly more likely to switch providers than the general population.
Here’s why new mover marketing is particularly crucial for financial service providers:
Opportunity for Cross-Selling: Once a new mover establishes a primary banking relationship, there are numerous opportunities to cross-sell other financial products and services, such as mortgages, investment accounts, credit cards, and insurance, as they settle into their new lives.
High Propensity to Switch: Moving is one of the top reasons consumers switch financial institutions. Studies show that new movers are significantly more likely to change banks, insurance providers, and other financial services compared to non-movers.
Significant Spending Power: New movers typically incur substantial expenses related to their move, averaging around $11,000. This indicates they are in a spending mindset and may need new financial products like loans, credit cards, or lines of credit, and are also looking for new banking relationships for their incoming funds.
Receptiveness to New Brands: During the chaotic period of a move, individuals are open to exploring new options and forming new habits. They are actively looking for local businesses and services, making them highly receptive to targeted marketing efforts from financial institutions.
Long-Term Customer Potential: Acquiring a new mover as a customer can lead to a long-term relationship. If a financial institution can establish itself as a trusted partner during this transitional period, it can potentially secure a loyal customer for years to come, leading to a higher customer lifetime value.
Research Report: Explore when new movers are searching for financial service providers
