Abstract
Currently, the retail banking community is in damage control mode. Relatively benign market conditions, which greeted the start of 2007, have morphed into unprecedented turmoil in credit markets, and a set of domestic factors that signal a slowdown in the UK consumer economy. The banks are also under fire when it comes to overdraft charges and payment protection insurance sales - this, relatively soon after a cap was imposed on credit card charges. Nevertheless, recent results have been particularly strong, with write-downs being less than expected, and profitability still high.
Everyone in UK retail banking now subscribes to the mantra of cross-selling. US consultant, AT Kearney, has produced a study showing that cross-sales rates are 3.3 in France, 2.6 in Germany, 2.3 in the UK, and 2.1 in the US. With high returns, it is no surprise that creating higher value from existing customers is so pivotal to future trading strategies. This report examines the extent to which banks are succeeding in this respect.
This report offers a wide ranging review of UK banking, with a focus on customer relationships. It previews the internal and external market environments with which banks must contending, analyses the various markets that form the retail banking portfolio, and the banks' performance in these. Exclusive consumer research commissioned for the report assesses customer product holdings, and the potential for more ‘same brand' holdings, as well as attitudes towards bank switching and prevailing satisfaction levels. The Brand Elements data provides an up to date assessment on the respective bank brands, comparing and contrasting each.
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