GlobalData’s 2016 Retail Banking Insight Survey reveals the best current account propositions in terms of their ability to retain customers. Flexibility, security, and value for money are dominant themes across all financial services products. Offering free access to a credit report or attaching free life insurance meets these criteria, but that does not necessarily mean that customers will be satisfied and retained. The graph below provides an indication of the “stickiest” current account features, i.e. the features held by consumers who are less likely to defect to a competitor.
GlobalData’s 2016 Retail Banking Insight Survey also benchmarks providers’ current account propositions against the top five retention features. According to our data, NatWest has the most current account customers with any of the top five features associated with retention. Although overdraft facilities are provided by almost all providers, there are considerable differences between the remaining four features.