BANKING NEWS
Customers
take charge
The behaviors and preferences of banking customers are changing worldwide,
according to Ernst & Young's 2012 global consumer banking survey.
C
onsumers who are taking control of their banking
relationships, are increasingly likely to change
banks and expect to be able to choose between a
range of service levels and costs, according to Ernst
& Young’s 2012 global consumer banking survey.
The study, which questioned 28 560 banking customers across 35
countries, highlights how customers also expect to be financially
rewarded for their loyalty. Pierre Pilorge, Ernst & Young’s
Financial Services Advisory Markets Leader for Europe,
Middle East, India and Africa says ‘Customers are
sending banks a very clear message – “we are
taking control”. ‘In response, banks must reevaluate customer trends region by region
to prioritise products, enhance services,
and ultimately give customers what they
want,’ he adds.
Banks need to make it personal.
Globally only 44% of customers say
their bank adapts products and services
to meet their needs. Seventy percent of
customers would be happy to disclose
personal information if it improved the level
of service and products they were offered.
‘Customers are looking to banks to help them shape
their experience. Banks need to reassess their offer and
consider more tiered products and services,’ pronounces Pierre.
… and reward loyalty properly! Loyalty reward schemes are on the
rise with 27% of customers are enrolled on a scheme, up by 50%
from 2011. However, customers expect more – the overwhelming
majority agreed that if you have three products or more with a
bank you should get better