[pc86]

For a bank, increasing national market share by nearly 10% in just a few years is a pretty incredible feat. People don't generally shop around banks for checking/savings accounts, and the switching cost is very high and a pretty manual process (at least in the US, may be less onerous in NL).

[slightwinder]

Switching-Cost in Europe is around low to zero. Especially with discount-banks like ING, who are offering free services.

Bank-hopping is also simple and having accounts with multiple banks was common for certain people some years ago.

[meetups323]

Switching-cost in US can actually be negative - many banks will pay you hundreds to set up an account and get direct deposits to it for a small (~3mo) period. Payroll software is generally happy to split deposits, so this isn't a real barrier to entry.

The real barrier is who wants to bother switching banks? It's new UI to learn, new passwords, new apps, new cards, new exposure to security flaws, etc etc etc. I don't think that's any different in US vs EU.

[slightwinder]

Yes, bait-money exists in europe too. Because of which some people are constantly moving around their accounts, or just have multiple accounts for different purposes.

Until 2018(?) this was really simple, because there where good APIs for online-banking available. All you did was adding a new account to your software and call it a day. But new security-rules for EU kinda killed them off, and banks are putting up more barriers against bank-hoppers. So at the moment it's a bit in transition.

[gpvos]

Note that in NL, ING is not a discount bank.