Banks that lead in Net Promoter Score®—a metric of the likelihood a consumer would recommend the bank to others—outperform laggards in net interest income growth, according to a Bain & Company survey of 151,894 people in 29 countries. And direct banks such as ING generally outperform traditional banks on loyalty, in part because direct banks offer a more simple and digital experience. For instance, 92% of direct banks were highly rated by respondents on saves time, compared with just 28% of traditional banks.
Stanford Swinton is a partner in Bain & Company’s Financial Services practice.
Net Promoter Score® is a registered trademark of Bain & Company, Inc.
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.