Accenture: Banking Industry faces growing challenge to re-engage customers

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Offering insight into consumer banking trends

Accenture’s annual survey of more than 4,000 current account customers in the UK and Ireland showed declines in the depth and quality of interactions between customers and their banks, as new customer loyalty challenges emerge.

According to the survey daily and weekly online banking activity fell from 69% in 2010 to 61% in 2012. Meanwhile, inherently brief, more transactional banking activity rose significantly, with daily and weekly mobile banking more than doubling – from 7% in 2010 to 15% in 2012.  

“This year’s survey results underscored the banking industry’s central challenge to re-engage customers, as the ‘human element’ of the relationship diminishes,” said Peter Kirk, managing director of Accenture Distribution and Marketing Services in the UK and Ireland. “Banks’ success in rolling out efficient, user-friendly digital channels and its continuing consumer trust issues may be contributing to an increasingly arm’s-length relationship between institutions and their customers, which impacts their opportunities to sell and build loyalty.” 

According to the survey, self-reported customer satisfaction and willingness to recommend banks has remained level, but loyalty declined, with the percentage of customers that had switched to another bank for new products increasing from 11% in 2010 to 15% in 2012. Product purchasing also fell off (from 19% in 2010 to 17% in 2012).

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