How big banks battle for customers who are absurdly loyal to their financial institutions

Good morning.

Last year, I met my Citigold relationship manager in a part of Brooklyn I didn’t know to cash a check made out to me and my late husband because nobody could do it at my local branch. My manager couldn’t find the death certificate I’d given Citi and sent me home to get it. Last month, a manager in another branch asked me to provide proof of residence for my teenage son to convert a custodial account I’d opened when he was 2. He had ID but was not on my lease. (If I were a Citi shareholder, I might be less frustrated due to its recent run .)

And yet I stay put in an industry where inertia is the norm. While Americans are quick to switch phone carriers or shampoo brands, they’re loyal to their banks, keeping the same checking account for more than 17 years on average. The U.S. has 4,568 commercial banks and savings institutions, more than any other country, but the 15 biggest banks account for the majority of deposits and assets .

So how do banks compete? Industry leader JPMorgan Chase is opening new branches as others close them. Banks acquire, poach rival talent, expand to new markets, or try to catch people at key moments: like when they open their first account—my son switched to TD—buy a home, refinance a loan, or seek help managing their money.

I caught up last week with Bruce Van Saun, the chairman and CEO of Citizens Financial Group , which he took from an IPO 10 years ago to the country’s 15 ^th largest bank today. (Citizens was first established in Rhode Island in 1828.) He’s acquired , hired , and marketed his way there, now prioritizing areas like wealth management.

But he wants to differentiate through customer service. “I want them to say, ‘Wow, nobody covers me that way. No one invests the time and effort to really know me, know my business, understand my competitive position in my industry, and impart wisdom and value-added advice,” says Van Saun, adding that another key to growth is being conservative in areas like leverage. “When the economy goes through a downturn and certain banks suffer, then you're in a strong position.”

Of course, it’s hard to anticipate the next crisis. Former Silicon Valley Bank CEO Ken Wilcox has plenty to say about that, but that’s for another day.

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Diane Brady
diane.brady@fortune.com
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This story was originally featured on Fortune.com