10 surprising stats about banking customer retention

One of the most wonderful things a business can concentrate on in 2021 is building consumer loyalty. You may gain valuable insight into what customers want from your company now and what you can do to build an emotional bond with them so they stay with you over the long term by looking at the most recent statistics on customer loyalty. 

In this article, you’ll see 10 startling statistics concerning banking customer retention from SmartOSC Fintech. 

61% of female bank customers stay with their banks for over five years

The banking sector depends heavily on trust. After all, there is money at stake here. According to research, a sizable portion of female bankers are committed to their institutions. Particularly, 61% of them have maintained their banking relationships for longer than five years. But despite this, the same study finds that women are less satisfied than men.

46% of inbound marketers and 45% of outbound marketers prioritize  

For B2B businesses, fostering customer loyalty is a top marketing concern. According to B2B banking customer retention data, approximately 50% of both inbound and outbound marketers concentrate on growing their client base. This implies that they keep communicating with their customers, who increase their company’s revenue.

3 out of 5 customers don’t think brands they’re most loyal  

Are you keeping an eye on client loyalty and engagement? If not, you won’t be allowed to give your banking customer retention any more incentives and awards. It’s ideal if you let them know how much you value them. According to statistics, you should come up with unique ways to thank your loyal customers—the more personalized, the better.

77% of the population are members of a loyalty programme

Statistics on mobile commerce show that many consumers now utilize mobile apps to complete a variety of purchases. However, not using an app does not imply that you dislike a company or product.

According to statistics on banking customer retention, UK consumers are committed to a brand even if they don’t use its mobile app. They represent a startling 77%, demonstrating the distinct abilities of these brands in customer retention.

4 out of 5 companies agree that retaining loyal customers is cheaper than acquiring new prospects

According to a report on customer retention statistics for 2020, most businesses concur that keeping existing customers is more creative and advantageous than finding new clients. Therefore, even though marketing roles are crucial, it’s also important to focus on giving customers a good experience.

33% of consumers abandon a brand that lacks personalisation

In branding, personalization is essential since it increases credibility. A trustworthy brand builds client loyalty, which may result in increased sales. No matter how great you think your brand is, the absence of personalization may indicate that you don’t place enough value on customer loyalty and banking customer retention. By eliminating personalization, 33% of potential customers are turned away.

74% of consumers say they’re loyal to a brand due to its product quality

It’s not difficult to figure out how to win over more loyal customers. According to the aforementioned study, brand loyalty is most strongly influenced by the quality of the products. Customers receive value from high-quality products because they help them with their problems and meet their needs.

95% of loyalty programme members want to engage with the programmes via virtual reality

Statistics from loyalty programs show that your program should include more than just a card you stamp. Customers desire to have several methods to interact with programs. Most of them make use of cutting-edge technology. By purchasing these accessible gadgets, you can maintain banking customer retention.

The Top Three Drivers of Customer Loyalty Are 24/7 Availability, Friendly Staff, and Fast Service

Customer loyalty data show that your most devoted customers, especially the top 10%, spend around three times as much as the typical customer. This is another piece of evidence why you should do all in your power to thank your brand’s most devoted customers. The biggest impact will come from sending gifts and paying close attention to what your audience is telling you.

88% of consumers will not buy from companies that don’t respond to complaints on social media

According to customer loyalty statistics, almost 90% of consumers won’t make a purchase from a business that doesn’t respond to social media complaints. While being able to respond quickly is important, being thoughtful in your response is just as crucial.

Conclusion

The figures show that it’s crucial to maintain your clients’ connection to your brand. You may do this in a variety of ways, including by offering high-quality goods or services, promptly and professionally handling customer complaints, surprising customers with special deals or presents, digitizing or improving your banking customer retention, and more.

If you take those numbers and facts into account, your percentage of devoted customers will increase quickly. Your reward for ensuring that their entire interaction with you is positive is that. If you have any questions, do not hesitate to contact us.