Banks that turn customers into advocates could grow revenue considerably faster and increase share of wallet: Accenture

Accenture’s biennial Banking Consumer Study, which surveyed 49,300 respondents across 39 markets on their banking preferences and behaviours, including 2,000 in India, found that banks that rekindle personal customer relationships and foster advocacy could boost organic revenues.

Accenture analysis revealed that banks globally with the highest advocacy scores (top 20%) grew their revenues 1.7x faster, with advocates holding more products on average and allocating a greater share of their wallet to these banks.

While 46% of customers in India surveyed have stayed with their main bank for over seven years, 87% are embracing multi-banking relationships, and one-fifth (22%) are using a digital bank in some capacity (main or secondary bank). While digital has allowed a lot of self-service capabilities to customers and helped banks become more efficient, it has come at the cost of becoming impersonal and weakening customer loyalty, according to the ...