Brand loyalty: Disloyalty in banking

This article argues that new reforms in the UK will make it easier for consumers to change their retail bank, meaning that banks themselves can no longer rely on consumer inertia for loyalty.

Brand loyalty: Disloyalty in banking

Maureen DuffyTNS Global

Most customers stay with their bank through inertia, rather than active choice, so, as new reforms make it easier to switch, banks will have to demonstrate they are worthy of the public's faith.

Protecting the customer base from defection is a challenge for any consumer brand, requiring an understanding of the nature of customer loyalty so that dissatisfaction can be addressed and ties made stronger.

But dissatisfaction is not always apparent. In a market characterised by offerings that — in the eyes of consumers — are poorly differentiated, customers may stay...

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