LOYALTY BANKING
Commentators from Bain & Co and loyalBe help us determine the best approach for building , maintaining , and reclaiming customer loyalty in banking
WRITTEN BY : WILL GIRLING
Trust : it can take years to build but only seconds to lose . When it comes down to whom a customer entrusts with their money , banks have always needed to prove the superior value of their products and services . Loyalty and an enduring relationship were their rewards , yet banking in the pre-digital era had one distinct advantage : there was largely no alternative .
Then in 2008 , as the financial crisis brought public trust in high street banks to a new nadir , digital native banks ( challenger or neobanks ) began to emerge . Featuring easy-to-use customer interfaces , techenhanced functionality , app-based convenience , personalisation options , and much more , global leaders such as Chime , Nubank , Starling , Monzo , and N26 continue to reshape what customers expect from a banking experience .
With a large proportion of adults in some markets still convinced that banks do not work for the betterment of society at large , what can incumbents do to regain their loyalty ? Furthermore , how can the incumbent sector prevent disruption from both challenger banks and Big Tech firms ?
To find out , we spoke with Katrina Cuthell , Senior Partner at Bain & Company , and Cormac Quinn , Founder and CEO of loyalBe .