The long-standing loyalty of millions of bank and building society customers in the UK is soon to be tested as never before. And new research by TNS UK has revealed that the coming changes in the retail banking climate could destabilise the sector’s customer base.
The government whitepaper's recommendations following the Vickers report promises a change in the whole climate of retail banking which will facilitate switching. And this is happening amid a never-ending stream of negative media coverage, which has damaged the image of individual banks and of the sector as a whole.
Against this background, TNS UK has carried out a major piece of research to understand the nature of customer loyalty in retail banking, how that is likely to affect customer behaviour, and how banks can address the risks that the new regime will bring.