Loyalty in Financial Services - UK - September 2012
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In the financial services industry, loyalty is a huge issue. Motor insurance has long struggled to cope with the growing commoditisation of the product, and the expansion of price comparison sites has exacerbated the problem. Other general insurance markets are following suit. A sizeable group of consumers are taking a similar approach to savings products, particularly in the cash ISA market. They keep careful tabs on the best-buy tables and the price comparison sites, and show little hesitation in changing accounts if they can get a better deal elsewhere.
Financial services providers might mutter about ‘rate tarts’, but the truth is that they have played a huge part in fostering this mentality. The focus on new customer acquisition has meant that rather than feel that their loyalty is valued, longstanding customers often feel that they’re being taken for granted. When many deals are only open to new customers, it’s no wonder that 43% of respondents to Mintel’s consumer research feel that ‘if you show loyalty to a financial services firm, they'll only ever take advantage of it’.
This report investigates consumers’ attitudes towards loyalty in financial services. It looks at perceptions of how financial services firms compare with other types of company when it comes to rewarding loyal customers, and how this feeds through into consumer behaviour. Loyalty is compared across a range of financial services products, and among those who have switched, Mintel has attempted to discover what prompted them to move accounts.
This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:
What They Want. Why They Want It.
Who’s Winning. How To Stay Ahead.
Size, Segments, Shares And Forecasts: How It All Adds Up.
New Ideas. New Products. New Potential.
Where The White Space Is. How To Make It Yours.
What’s Shaping Demand – Today And Tomorrow.