Trends Report

Reduce Customer Churn And Drive Banking Customer Loyalty In Malaysia

September 9th, 2020

Summary

Digital banking strategy pros in Malaysia 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. Malaysian online adults who are banking customers are shopping around for new financial service providers. In the past 12 months, 43% opened a new savings account with a new financial institution; 38% bought a new car insurance product; and 34% opened a new transaction account with another financial services provider. Incumbent banks’ inability to meet customers’ expectations has led to churn; six in 10 Malaysian online adults closed their old accounts when they opened a new account. Malaysian online adults are changing banks because they have found a financial provider that can better help them improve their financial well-being, they want to consolidate their accounts, or their friends/family made a recommendation. For further information and help, read The Financial Well-Being Opportunity and book an inquiry.

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