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Banks that lead in Net Promoter Score®—a metric of the likelihood a consumer would recommend the bank to others—outperform laggards in net interest income growth, according to a Bain & Company survey of 151,894 people in 29 countries. And direct banks such as ING generally outperform traditional banks on loyalty, in part because direct banks offer a more simple and digital experience. For instance, 92% of direct banks were highly rated by respondents on saves time, compared with just 28% of traditional banks.
Stanford Swinton is a partner in Bain & Company’s Financial Services practice.
Net Promoter Score® is a registered trademark of Bain & Company, Inc.
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.