With fintech providers now popping up all over the globe and offering brilliant customer experiences through streamlined digital journeys and instant customer service, consumers now expect traditional high street banks to deliver the same level of service with less agile systems. Banks that want to keep customers loyal need to provide a service with this agile approach – any less just won’t cut it.
While this new approach is exciting, different, and wholly necessary, it also means that it tends to be harder to retain customers than it was a decade ago, particularly for traditional institutions. It’s not necessarily switching that is the problem for banks; many customers are now keeping hold of their historic accounts but opening multiple accounts with a range of providers to fulfil different requirements.
So how can banks – both traditional and challenger – keep pace with this constantly evolving market and foster a loyal customer base?
Ello surveyed over 2,000 UK consumers to uncover how valuable a loyal customer is to a banking providers over the course of their lifetime, gaining insight into what sways their purchasing decisions and the key factors influencing them to stay with their existing supplier.
We also honed in on key differences between various demographics, surveying Gen Z, Millennial, Gen X, Boomer and the Silent Generation to help banking providers make more informed decisions when creating targeted and personalised loyalty strategies for their customers.
Download our research report below.