Earning consumers’ loyalty is harder than ever for banks, as insurgent technology firms nibble away at products such as mortgages and payment services. In Bain & Company’s new survey of 151,894 consumers in 29 countries, 54% of respondents trust at least one tech company more than banks in general, and 29% trust at least one tech company more than their own primary bank. Trust affects a customer’s willingness to try banking services offered by tech companies. For example, respondents who accord higher trust to Amazon are more open to trying a bank account with the company. With banks under siege, a high priority is to improve the convenience and quality of the experience for customers.
Katrina Cuthell is a partner with Bain & Company’s Financial Services practice.
With banks facing increased competition from tech firms, our latest Customer Loyalty in Retail Banking Report examines how the banks can focus on what customers value most.