Wealthier customers harder to please

by AB26 Sep 2013
Earlier this week, Australian Broker reported on Roy Morgan Research’s findings that, despite a strong focus on customer retention, more than a million customers have stopped dealing with a financial institution in the last twelve months.

The majority, 855,000 people, ended a relationship with a bank, 65,000 stopped dealing with a credit union, 18,000 dropped a building society and 140,000 ended their relationship with some other financial institution.

While ANZ fared the worst out of the big four, Westpac fell in close behind, losing 3% of their customers, while CBA – who has the largest customer base – lost 2.7% and NAB lost 2.3%.

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  • by M C 26/09/2013 11:13:18 AM

    Here's an analogy - 'Its much harder to turn a battleship around than a cruiser'. In large organsiations its very easy to get lost in the crowd. Small organisations quite ofetn focus better on their clients. The new 'Coles' bank, if it comes, may also find this quite difficult to market to, & capture these 'wealthy' clients? We position ourselves as a fully licenced planning, accounting & lending practice which focus & provide great service to our high net worth clients, whilst at the same time looking after those that are not so well off. That can be achieved much more easily when your structure is small & access to technical support is always on hand.

  • by NoTimeLikeTheFuture 26/09/2013 2:49:25 PM

    My less-wealthy clients are much nicer to work for and they appreciate what I do.

    Small fish are sweeter or something.

    Higher income people can be a pain in the ar$e. Not all of course, but I have been disgusted a few times..

  • by mac 27/09/2013 10:47:11 AM

    over $70K is wealthy?? Not in my area!