Customer Retention and Cross-sell in Banking - Canada - October 2016
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“There is a degree of under-utilization of rewards for multiple product ownership which presents an opportunity for banks to offer more targeted rewards based on customer preferences.”
– Sanjay Sharma, Senior Financial Services Analyst
This report discusses the following key topics:
The Canadian consumer banking industry is dominated by the five major banks, but there is strong competition, not only among them, but from smaller virtual banks, regional banks and credit unions. However, in this highly competitive market, banks cannot stand still. Digital banking, the advent of Fintech and the entry of start-ups into retail banking and payments require Canadian banks to stay focussed on providing an excellent customer experience. Banks need to meet the basic needs of their customers, but beyond that they need to know their customers, reward their loyalty and enable them to interact in a seamless way.
Although in general, Canadians trust their financial institutions and satisfaction levels are high, there is always room for improvement. Banks need to understand and meet changing customer preferences and offer the latest digital banking solutions while at the same time assure customers that their information is safe and their privacy is being protected.
This Report covers consumer attitudes and behaviour related to customer retention and cross-sell in Canadian consumer banking. It explores the competitive landscape of the major banks, switching intention of consumers, incentives to increase share of wallet, choice factors that influence the switching decision and attitudes related to customer retention, loyalty, trust and preferences.
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