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Who Delivers More Value—Banks or Technology Companies?

Tech firms continue to make inroads into banking services.

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Who Delivers More Value—Banks or Technology Companies?

Loyalty in retail banking stems from how well banks deliver value as perceived by consumers. Of the 30 Elements of Value® that Bain & Company has identified, those with the greatest impact on loyalty in banking are quality, followed by saves time, reduces anxiety, simplifies and heirloom (a good investment for future generations). For these five elements, banks’ performance leaves much to be desired. In Bain’s new survey of 151,894 consumers in 29 countries, respondents on average give their primary bank a lower rating on these elements than at least one of the major tech firms: Amazon, Apple, Google and PayPal. To engender greater loyalty, banks will need to improve the customer experience, by making it more simple and digital.

Gerard du Toit is a partner with Bain & Company’s Financial Services practice.

Elements of Value® is a registered trademark of Bain & Company Inc.

Related Brief

In Search of Customers Who Love Their Bank

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.



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