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Revisions

Are you a prisoner in your own bank?

Michelle Zhu Published on Fri, Dec 02, 2016 / 1:37 PM GMT+8

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SINGAPORE (Dec 2): “Hidden defection”, they call it. This is the term Bain & Company uses to describe the act of purchasing a new banking product from a competing bank or financial technology (fintech) firm.

According to the American management consulting firm’s Customer Loyalty in Retail Banking: Global Edition 2016 annual report, the phenomenon of hidden defections is running rampant among consumers globally – especially in developing markets where fewer of them have longstanding relationships with their banks.

Singapore is not excluded.

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