NEW YORK-A new study suggests half of all banking customers say they could switch to another financial institution over the next six months.
The World Retail Banking Report 2013 found that over the next six months as many as 10% of retail banking customers around the world say they are likely to leave their bank, with an additional 41% saying they are uncertain whether they will remain with their bank or move to another institution.
"With half of retail banking customers globally not feeling loyal to their bank, it's clear that banks need to close the gap and build customer-centricity into their DNA," said Jean Lassignardie, chief sales and marketing officer, Capgemini Global Financial Services, which conducted the study along with Efma.
"The future of retail banking is mobile," added Patrick Desmares with Efma. "By the end of 2013, there will be more mobile devices than people. Banks need to go where the opportunity is, and that is mobile."
Some 18,000 people around the world were surveyed. One key finding: "Quality of service" was identified as the single most important factor driving customers to switch banks across the 35 markets studied, with the exception of North America, where fees mattered most, followed closely by quality of service.
Positive customer experiences are strongly correlated with the trust customers place in their financial institutions, and with customers' belief that their financial institutions have a good understanding of their needs, according to the report. However, trust in banks worldwide has been eroded, with 49% of all consumers indicating they don't completely trust their financial institution.
Other findings:
* 44% of those surveyed say they are satisfied with the consistency of experience at their bank across channels.
* 57% don't think there's a good product-channel fit.
* 63% feel strongly that banks could do a better job understanding their needs and learning their preference.
