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50% customers ready to switch banks in next 12 months: Bain & Company

If it's a good deal, many willing to shift to fintech players, neo banks, among others

banking
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Retaining customers is important for banks. Loyal customers are likely to buy 2.5 times more banking products with the same provider

Surajeet Das Gupta New Delhi
With banks already facing a big challenge in retaining customers, they will not be pleased with the new data that shows 50 per cent of the customers are willing to switch banks in the next 12 months.

A survey by Bain & Company based on its proprietary tool, Net Promoter Score Prism, which tracks changing customer experiences, found customers willing to switch if they were being offered a competitive product or service by another company, which includes fintech players, neo banks amongst others.

The data, which has been made public for the first time, is based on responses from over

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