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UNHAPPILY LOYAL
A Major Risk for American Financial Institutions
Fewer than 10% of Americans switch their primary bank every year, but over 40% would like to switch if they had the opportunity to start over. This means that a significant portion of your customer base is Unhappily Loyal. These customers represent a considerable risk to profitability as they hold fewer products per person and are much less likely to consider you for their future financial needs.
Take away specific solutions to:
Understand who these customers are, and why they are unhappy. A better understanding can facilitate plans to make improvements.
Understand the opportunity perspective. Who are your competitors’ Unhappily Loyal customers, and how open might they be to your offer and messaging?
Consider how this is impacting your business from a risk perspective: what do you stand to lose?
Consider how this is impacting your business from a current loss perspective: how could you be growing these currently stagnant customers?
Assess the risks and opportunities inherent in Unhappily Loyal customers.