A report drawing on consumer data from MORI exploring customer acquisition strategies in UK Retail Banking.
Scope of Report:
- Information on current accounts, mortgages, personal loans and credit cards
- Consumer data broken down by class and age including the reasons why consumers choose a provider and how they want to arrange their financial products
- Unique examples and case studies gleaned from our in-house expertise and extensive interviews with industry executives
Report Highlights:
Our analysis shows that the branch is one of the key assets in the fight for retail banking customers. A significant proportion of current account, mortgage, personal loan and credit card consumers choose their provider because it had a branch nearby
Mortgage lenders are going to great lengths to win new customers by cutting fees and offering competitive interest rates. However, there is little benefit in winning a new mortgage customer if that customer switches provider a few years down the line. Mortgage lenders need to focus on the issue of customer retention as well as acquisition.
High street banks have traditionally relied on cross-selling high APR credit cards to a captive customer base. However this strategy is no longer working. The UK credit card consumer is wising up and banks must respond with competitive offers on balance transfers and purchases.
Reasons to Purchase:
- Gain access to consumer data based on surveys carried out by MORI using extensive sample sizes
- Understand the factors which are most important to consumers when they are deciding which provider to use
- Plan your distribution strategy using the analysis of how consumers arrange their retail banking products
