Unhappily Loyal Customers
Are a major risk for UK retail banks
6 out of 10 UK current account customers are unhappily loyal, and they are currently hidden within traditional CX metrics. All banks have them, and the majority would lose more customers than gain in the event of a disrupter or market change, making switching less onerous for customers. Relying on inertia to keep customers is not a long-term strategy and will result in dwindling sales of additional products and services.
Customers are yearning for a relationship with their bank that is not one-sided and felt as restrictive or unchanging. The most loyal customers view their relationship through a different paradigm based on an active relationship that feels open to change and adapting to their needs, which creates a deep sense of contentment and reassurance that their bank is invested in their long-term wellbeing.
Whether it be your CX program or innovating with new products and online services, now is the time to unlock a deeper understanding of how customers really want to experience their bank.
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