How do banks keep customers?
Tuesday, August 22nd, 2006
Roger Dennis of IdeaPort mentions two trends in consumer banking that in his opinion leads represent a real problem for banks.
He recognizes an inescapable death of cash because of the emergence of electronic payments and a decrease in customer loyalty, where customers tending to go to mortgage broker for advice instead of bank customer rep. This combined with internet as information source - enabling customers to gain information - will lead to a real problem.
His observations are backed by research from Forrester [1], claiming that only 36% of customers believe what the bank is telling them, and that over 60 % of US customers do their own research before buying financial products [2].
