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Customer Loyalty in Australian Financial Services
Datamonitor, March 2010, Pages: 88
Customer loyalty is set to become more important as competition returns to the Australian financial services market. The global financial crisis allowed the major domestic banks to capture much of new banking business, but with new entrants set to enter the market, customer loyalty is expected to gain in importance. This report analyzes a broad spectrum of topics associated with customer loyalty.
Scope
- Looks at the key drivers of customer loyalty and its state across different product categories.
- Analyzes which factors are most important to customers when considering staying with or switching providers.
- Provides analysis of best practice for financial services providers.
- Analyzes upcoming developments in customer loyalty.
Highlights of this title
There are relatively few opportunities for financial institutions to acquire transaction account customers, with most opportunities closely tied to consumers' life events. An obvious opportunity is providing young people with their first transaction account. Customers can also be acquired when they move location or change jobs.
Besides their effect on customer loyalty and satisfaction, many loyalty schemes derive their value from the information that is gathered about customers during its implementation. This dimension is even more important in other industries, such as the retail industry.
As with the relationship between customer loyalty and profitability, customer loyalty and satisfaction are positively, but not perfectly, correlated metrics. As a result, an effective loyalty scheme does not necessarily have to drive customer satisfaction.
Key reasons to purchase this title
- Gain a thorough understanding of the customer loyalty issues Australian financial services providers are facing and what they are doing about it.
- Identify and evaluate the most successful strategies in customer retention and acquisition in different product categories.
- Understand upcoming developments in customer loyalty and where the opportunities will be.
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