Understanding customer switching behaviour in the banking environment to actively drive growth

BSG helped a leading South African bank to understand what motivates customers to switch from their primary bank to another. BSG developed insights and helped define the strategic direction for switching as part of the bank’s overall customer onboarding experience.

overview of the clients needs
  • Grow the bank’s customer base by both retaining existing customers and enticing new customers to switch their primary banking relationship to them
  • Acquire a better understanding of customers and bank staff to identify factors which influence their relationship with their primary bank
  • Define a strategic direction for enticing new customers to switch from their current bank to the leading South African bank
  • Execution of this strategy and tracking its performance across several channels
  • Utilise a combination of data science and customer insights to understand switching behaviour within the South African banking environment
  • Perform external customer research across customers of all major South African banks to identify opportunities and improvements to the bank’s switching programme
  • Understand the bank’s internal switching processes and identify the challenges experienced, focusing on the sales function
  • Mobilise and support the implementation of prioritised action plans within the bank which capitalise on the identified opportunities and insights
  • Heightened knowledge of customer needs which delivered actionable value adding opportunities and insights
  • Improved, streamlined customer on-boarding journey as a result of simplified processes
  • A marked decrease in customer complaints received when switching
  • Improved sales effectiveness in the field of new customer acquisition
  • Growth in the bank’s customer base (primary bank customers)
  • The ability to predict customer switching behaviour, allowing for proactive acquisition and retention strategies

BSG defined and implemented an effective strategy, informed by South African industry insights, to enable a bank to grow its primary banked customer base.

Does your organisation know what motivates your customers' behaviour? Do you want to?

We have the knowledge and experience to support you to capitalise on the trends in the South African banking environment.

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