Loyalty in Financial Services - UK - September 2012

1
Loyalty in Financial Services - UK - September
2012

• Bharat Book Bureauwww.bharatbook.com

2
Summary

• Some questions answered in the 'Loyalty in
  Financial Services' report include
• Who is most likely to have switched accounts?
• How cynical are people about banks claims to
  reward loyal customers?
• Do people think that loyalty has a non-financial
  payoff?
• How can financial services firms sidestep the
  price wars?
• How can banks give people an excuse to stay put?
• In the financial services industry, loyalty is a
  huge issue. Motor insurance has long struggled to
  cope with the growing commoditisation of the
  product, and the expansion of price comparison
  sites has exacerbated the problem. Other general
  insurance markets are following suit. A sizeable
  group of consumers are taking a similar approach
  to savings products, particularly in the cash ISA
  market. They keep careful tabs on the best-buy
  tables and the price comparison sites, and show
  little hesitation in changing accounts if they
  can get a better deal elsewhere.

3
Table of Contents

• Executive Summary
• Financial services in context Financial services
  firms are seen as being particularly bad at
  rewarding loyal customers
• Figure 1 Consumer perceptions of how well
  different industries reward their loyal
  customers, May 2012
• Some variation across bank brands Nine in ten
  belong to at least one kind of loyalty scheme
• Figure 2 Loyalty scheme membership, May 2012
• Financial account switching A third of people
  have stuck with their main bank for more than 20
  years
• Figure 3 Account switching in financial
  services, May 2012
• Frequency of switching is highest in the motor
  insurance market
• Figure 4 Financial account switching, May 2012
• Reasons for switching accounts Price is the
  biggest reason for switching in all but the
  current account market

4
For more information

• Kindly click on
•  http//www.bharatbook.com/market-research-repor
  ts/finance-market-research-report/loyalty-in-finan
  cial-services-uk-september-2012.html
• Or visit

Bharat Book Bureau Phone [phone],
27810773 Fax [phone] E-mail
info_at_bharatbook.com Website www.bharatbook.com