Loyalty in Financial Services - UK - April 2014
“Financial services firms cannot expect their clients to exhibit loyalty when they feel that new customers are the ones getting the best deals. Indeed, most of the “loyalty” in the financial services market is due to customer inertia. Going forward, firms need to look at how they can reward long-standing customer relationships in order not to alienate the core of their customer base. Competing for new customers should not be a race to the bottom, especially as those who are more attracted to better rates or discounts will happily move again in the future anyway.”
– Stevan Obradovic, Financial Services Analyst
Some questions answered in this report include:
- Which financial services firms have the most scope for improvement?
- Is loyalty is a two-way street?
- Do customers want tangible benefits for being loyal?
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