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Loyalty in Financial Services - UK - September 2012

Bharat Book introduces a report "Loyalty in Financial Services - UK - September 2012". Motor insurance has long struggled to cope with the growing commoditisation of the product, and the expansion of price comparison sites has exacerbated the problem.

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Loyalty in Financial Services - UK - September 2012

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  1. Loyalty in Financial Services - UK - September 2012 Bharat Book Bureauwww.bharatbook.com

  2. Summary Some questions answered in the 'Loyalty in Financial Services' report include: Who is most likely to have switched accounts? How cynical are people about banks’ claims to reward loyal customers? Do people think that loyalty has a non-financial payoff? How can financial services firms sidestep the price wars? How can banks give people an excuse to stay put? In the financial services industry, loyalty is a huge issue. Motor insurance has long struggled to cope with the growing commoditisation of the product, and the expansion of price comparison sites has exacerbated the problem. Other general insurance markets are following suit. A sizeable group of consumers are taking a similar approach to savings products, particularly in the cash ISA market. They keep careful tabs on the best-buy tables and the price comparison sites, and show little hesitation in changing accounts if they can get a better deal elsewhere.

  3. Table of Contents: Executive Summary Financial services in context Financial services firms are seen as being particularly bad at rewarding loyal customers Figure 1: Consumer perceptions of how well different industries reward their loyal customers, May 2012 Some variation across bank brands Nine in ten belong to at least one kind of loyalty scheme Figure 2: Loyalty scheme membership, May 2012 Financial account switching A third of people have stuck with their main bank for more than 20 years Figure 3: Account switching in financial services, May 2012 Frequency of switching is highest in the motor insurance market Figure 4: Financial account switching, May 2012 Reasons for switching accounts Price is the biggest reason for switching in all but the current account market

  4. For more information: Bharat Book Bureau Phone : +91 22 27810772, 27810773 Fax : +91 22 27812290 E-mail : info@bharatbook.com Website : www.bharatbook.com • Kindly click on : http://www.bharatbook.com/market-research-reports/finance-market-research-report/loyalty-in-financial-services-uk-september-2012.html Or visit

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