1. Switching costs: The customers' perception of the effort to change from one financial services institution to another is 'switching costs'. As switching costs rise, so does the strength of the relationship.
2. Service: This is a key driver. Financial institutions must resolve issues quickly, be easy to work with, help customers find the best products etc. are very important.
3. Free Benefits: These benefits include online bill pay, free checking account, free entry into loyalty program etc. were deemed extremely important.
4. Location: While there is a lot of talk in financial services institutions about alternative channels, location seems to be an important driver of loyalty. Key aspects like ATM network, convenience of retail branches, distance to work or home etc. play a vital role.
Customization, Relevance and Frequency of communication drives relationships.