Organisation: Research and Markets
Category: Customer Satisfaction Training
Description: This report attempts to solve one of the most acute dilemmas facing retail bankers today - how to prevent customers from defecting.
It examines the reasons behind customer attrition and factors contributing to a customers decision to leave.
It discusses various types of retention strategies, assesses their usefulness and illustrates their effect through a number of case studies.
Scope of Report:
Insightful data from the B2B 2004 customer retention survey, illustrating the views of 58 leading retail banking providers in the UK.
A series of case studies, illustrating customer retention practices in the UK retail banking industry.
Comprehensive assessment of various customer retention strategies, with input from in-depth interviews with senior industry sources.
Discussion of the latest developments in the field of customer loyalty and retention in the individual UK retail banking sectors.
Report Highlights:
Todays retail banking industry finds itself in a curious position where, rather than being rewarded for loyalty, customers are actively encouraged to switch their providers. Yet, successful customer retention has a profound impact on profits - it is between 3 and 10 times more expensive to acquire a new customer rather than retain an existing one.
90 per cent of survey respondents thought the trend of customers switching main providers was rising or rising strongly. Unsecured personal loans have the highest defection rates, with around 24 per cent of customers leaving their lender within a year. Current account customers are the most loyal, with only 17.5 per cent of them opting to defect.
Value for money and service play the most important role in a customers decision to remain with a lender. Convenience of a single provider - an important historical driver of bank loyalty - is fast becoming a thing of the past. Todays customers increasingly expect added value in return for keeping all of their financial products in one place.
Reasons to Purchase Report:-
Improve your perspective on customer retention issues against the background of the latest developments in the UK retail banking market.
Benchmark your retention tactics against those of the best practitioners in the market
Gain an insight into the views and experiences of the leading UK retail banking providers.
Price: EURO €2,685.00
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