Author: Kevin Studders
Since the financial crisis, the banking climate has changed considerably. What used to be an abundant landscape where most, if not all banking providers coexisted profitably, is gone.
Today, banks have been forced to operate in a drastically more competitive environment. Increased access to information, advances in technology and greater choice has given the consumer more freedom to ‘shop around’, placing them clearly in the driving seat.
The longstanding relationships banks once enjoyed with their customers are now under threat from greater, more diverse competition, as retailers with advanced customer profiling capabilities and new market entrants swoop in for market share. The result? Customer loyalty has virtually become obsolete.
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