“Two fifths of respondents believe that ‘if you show loyalty to a financial services firm, they'll only ever take advantage of it’. This goes beyond issues of pricing, and raises the suggestion that financial services firms actively exploit those customers who show loyalty.

This is a pretty damning indictment on the industry. It is a business that is (or at least should be) built on trust, and it is at the centre of most people’s lives. It’s almost impossible to live in a modern society without dealing with financial services firms, and many products have an expected lifespan of decades. It’s hugely damaging that two fifths of people believe that if they show loyalty to the providers of these long-term products, the result will be that they will be ‘taken advantage of’.”

– Toby Clark, Director of Research, EMEA

Some questions answered in this 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?