Bain's annual Customer Loyalty in Retail Banking report surveyed 150,100 consumers in 14 countries. Specific country findings are detailed in these individual snapshots. Globally, the survey reveals a surge in mobile banking and tepid loyalty scores by affluent customers in many markets, with implications for how banks should redesign their channel strategies.
We surveyed 1,300 customers of eight banks, and we have included the six banks with a sufficient sample size. Here are the highlights.
Loyalty leaders. Overseas Chinese Banking Corporation (OCBC) commanded a wide lead with an NPS of 15%. OCBC has been innovating on several fronts including a light-branch format, Sunday hours and extended Satur day hours. Standard Chartered, the second-ranked bank, has emphasized competitive pricing (see Figure 9.1).
Channel usage and its effect on customer referrals. Customers in Singapore report that their most common interaction is through ATMs, followed by online banking. Besides getting cash, customers can also pay bills, parking fines and carry out other third-party transactions through ATMs.
When it comes to loyalty, online transactions and online sales or service are most likely to result in recommendations. Visits from a banker and ATM usage also have a strong positive inﬂuence (see Figure 9.2).
In contrast, there is room to improve the mobile experience in order to increase referrals by customers. Although Singapore's mobile banking usage is somewhat high compared with other countries, at 38%, and much higher for customers of certain banks in Singapore, customers in the main are not highly impressed by the experience.
Loyalty among afﬂuent segments. More afﬂuent customers give much higher loyalty scores than do lower-income segments (see Figure 9.3). This trend likely stems from the robust combination of primary banking services and wealth management that some banks, such as Citibank and Standard Chartered, offer in Singapore.
A note about loyalty scores worldwide
As banks review their Net Promoter scores, those with high scores may be tempted to compare across markets and declare themselves "best national bank" or "best credit union" globally. But that would be misleading. Click here to learn more.