Retail banks need to
reaffirm their trustworthiness in the eyes of customers and pay
stricter attention to delivering what they promise, according to a
report from the consultants Boston Consulting Group
(BCG).
BCG’s survey entitled
Customer Centricity in Retail Banking released on 1 March,
reports that up to 50% of account switchers moved banks due to a
bank’s marketing & communication / sales & service /
products & pricing / or customer experience.
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These factors were
accorded greater importance by respondents than branch location or
the ability to obtain a new mortgage.
Other findings
included:
- The role of advocacy: 50% of decisions to
join (or to avoid) a specific bank are influenced by
recommendations from family, friends, acquaintances or online
forums - An attractive image is the second least
important factor for respondents in choosing a new bank (36% of
respondents) - Convenient channels (branch, call centre,
ATM, online, mobile) is a significant pull for new joiners – 49% of
respondents. To succeed with this banks need very strong IT
& operations functions. - 58% of respondents said that good
customer service was a reason for joining a new bank.
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