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Earning consumers’ loyalty is harder than ever for banks, as insurgent technology firms nibble away at products such as mortgages and payment services. In Bain & Company’s new survey of 151,894 consumers in 29 countries, 54% of respondents trust at least one tech company more than banks in general, and 29% trust at least one tech company more than their own primary bank. Trust affects a customer’s willingness to try banking services offered by tech companies. For example, respondents who accord higher trust to Amazon are more open to trying a bank account with the company. With banks under siege, a high priority is to improve the convenience and quality of the experience for customers.
Katrina Cuthell is a partner with Bain & Company’s Financial Services practice.
In Search of Customers Who Love Their Bank
With banks facing increased competition from tech firms, our latest Customer Loyalty in Retail Banking Report examines how the banks can focus on what customers value most.
Published in January 2019