Published on : Jan 02, 2018
Albany, New York, January 2, 2018: Financial service institutions are facing challenges in terms of concerns among consumers that their loyalty is not rewarded by companies. The perception of the level of loyalty vis-à-vis the financial rewards that consumers get has created challenges in the UK financial service industry according to a new report added to the comprehensive repository of Market Research Hub (MRH). As Open Banking gains traction, there is increasing pressure on financial services industry to not only meet but exceed the expectation of consumers. The report titled “Loyalty in Financial Services - UK - NOVEMBER 2017” is a valuable source of information for stakeholders looking to analyze the sentiment among consumers.
The level of loyalty benefits offered by traditional banks has created a sense of expectation among consumers. For decades, banks have been dolling out membership benefits, discount coupons, preferential interest rates, and many other features that have led to a strong sense of loyalty among consumers. However, as the financial services industry has evolved, the same level of loyalty benefits have not been made available to consumers, which has created a sense of disenchantment among consumers. These factors are likely to create challenges for the financial services industry going forward.
The growing proliferation of smartphones and internet services has meant that consumers now have the tools to research the market before investing their money. While choosing the benefits associated with a company, consumers usually also check for rewards and loyalty benefits. The increasing awareness among consumers and the resources available to them has meant that financial services industry will continue to face increasing pressures in the future.
The report offers holistic perspective on the market, offering stakeholders insights on the areas they can work upon to increase their market consolidation. According to the report, overt ways of offering discounts can lead to higher level of loyalty as has been the trend with banks over the years. Consumers surveyed in the report mentioned that they had a strong preference for one debit or credit card provider, but the same loyalty is missing when it comes to insurance providers. The situation can be alarming as even banks that provide most loyalty benefits have been facing attrition. An interesting trend in the UK financial services sector is that post offices continue to be attract consumers across demographics and ages, despite spending little on advertisements and promotions. Overall, the report is a holistic information source that gives stakeholders in the UK financial services sector a comprehensive outlook on the key factors related to consumer loyalty.
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