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Divided loyalties

Customer

The switching question

Competition and legislation have made switching banks more appealing than ever. Yet the survey shows customers remain loyal. 32% have never switched banks. Change is around the corner though and consumers seem willing to consider a more radical option. Already, a fifth would buy banking or insurance from non-traditional providers like Google, Apple or Amazon.

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Consumers in Benelux are most loyal to their bank with 43% having never switched. While in Spain 80% have within the last 10 years.

Many factors influence our choice of bank or insurance provider. We asked consumers how much they agreed with these statements:

Conclusion: A new pace of change. As the countdown towards tomorrow's digitally dominated world, it's time to be bold. By harnessing consumer trust, collaboration and technology, established intuitions can drive pace of change.

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