Customer Loyalty in UK Banking: The disengaged customer
High Wycombe, UK – 11 April 2016
Efforts to reform the banking sector and stimulate competition within the market, such as the 7-Day switch guarantee introduced by the Government in 2013, have made it less complex and time consuming for individuals to switch bank accounts in the UK. As a result, the Current Account Switching Service (CASS) reported that switching rates increased by 11% in the last quarter of 2015, to 257,638.
But this highlights a desperate need for the banking sector to tackle a falling loyalty amongst its customers. Loyalty in UK banking has deteriorated to such an extent that in a review in October 2015, the Competitions and Markets Authority (CMA) stated that British consumers were “disengaged” with the current banking market.
Read the entire article on Finextra.