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Customer Loyalty in European Banking 2003
Datamonitor, May 2003, Pages: 112
This report analyzes changing patterns in bank loyalty among customers in Europe. Not only does this report measure the trends and drivers in 7 European countries and regions, the report presents strategies and tactics for banks to survive and grow in today's fast changing environment.
Scope and coverage
- Exclusive loyalty survey carried out among 100 bank executives in Europe probing fact and opinion on bank loyalty, complemented by Impact consumer data
- Quantitative indicators on major trends, market drivers, bank tactics and product hotspots as well as customer attitudes and socio-economic profiles
- Multi-product: accounts, cards, lending, mortgages, savings, securities, funds, life and pensions and general insurance
- European scope with country comparisons. Countries included: France, Germany, Spain, Italy as well as the Benelux and the Nordic regions
Why buy this report?
- Acquire a unique tool measuring disloyalty trends in your market. What do your retention and cross-sales figures mean? How will they evolve?
- See what drives customers across the market to shop and switch more between banks. How can customers be won or won back?
- Receive intelligence on what your peers use to maintain loyalty. Are you using the same tools as them? Is your strategy adapted to current developments?
Report methodology
This report draws on primary information gathered in an extensive dedicated research program - the European Bank Loyalty Survey. This was carried out among 96 banking professionals in 10 European countries by a multinational team of European Financial Services researchers. The results from the survey describe trends, drivers and marketing tool usage relative to loyalty and retention in European banking.
'. In Italy, 2 million customers change banks every year. Customer loyalty is definitely the top issue in our market. '
- It does so through a series of quantitative measures presented in the report, bringing hard facts to a soft topic.
- In second instance, the survey also presents a wealth of qualitative information, giving you deeper insight in current and future trends.
- The results were enhanced with secondary information from a variety of relevant on- and offline publications, most notably those of the banking associations of the countries analyzed.
- Finally, the industry opinion survey was complemented with relevant consumer data from the proprietary Impact 2002 research program.
'. Clients are becoming more and more impatient and they no longer accept no for an answer. '
Key findings and report highlights
- It can be up to 10 times more expensive to acquire a new customer than to make a cross-sale to an existing customer.
- The problem of declining loyalty is most acute in three countries: Spain, the UK and Italy. Almost all interviewees there call loyalty a top priority and trend indicators are 44% higher on average than for Germany, France and the Benelux.
- Banks can no longer have it both ways. In markets where customers are withheld from using more providers for different products artificially, general turnover rates soar. Moreover, once customers become disloyal, there is no natural plateau to how far this can go. On the contrary, once more switching and shopping around takes root, the market has a tendency to spiral out of control.
'. The M&A process has distorted customer perception. Customers no longer identify with their banks. '
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