Trends Report

Reduce Customer Churn And Drive Banking Customer Loyalty In Indonesia

October 1st, 2020

Summary

Digital banking strategy pros in Indonesia must address the concerns of their customers who are looking to change banks. Data from the Forrester Analytics® Consumer Technographics Asia Pacific Financial Services 1 Survey, 2020, reveals the reasons for churn. Indonesian online adults are shopping around for new financial service providers. In the past 12 months, 79% have opened a new account with a new financial services provider: 53% opened a current or transaction account with a new financial institution; 45% opened a new savings account; and 34% purchased new health insurance. Incumbent banks’ inability to meet customers’ expectations has led to churn; 60% of Indonesian online adults who opened a new account said they closed their old accounts. Indonesian online adults are changing banks because they have found a financial provider that can better help them improve their financial well-being, their friends/family made a recommendation, or they want to consolidate their accounts. For further information, read The Financial Well-Being Opportunity and book an inquiry for help.

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