Trends Report

Reduce Customer Churn And Drive Banking Customer Loyalty In Thailand

September 16th, 2020

Summary

Digital banking strategy pros in Thailand 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. Thailand online adults are shopping around for new financial service providers. In the past 12 months, 65% opened a new savings account with a new financial institution; 39% purchased a new life insurance product; and 35% purchased a new car insurance product. Incumbent banks’ inability to meet customers’ expectations has led to churn; 76% Thailand online adults closed their old accounts when they opened a new account. Thailand 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, read The Financial Well-Being Opportunity and book an inquiry for help.

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