1 in 2 Asian firms want to ditch their bankers: survey

The region’s top companies are dissatisfied.

Asia’s bankers are fighting a losing battle for customer loyalty. A study released by East and Partners revealed that almost half of Asia’s Top 1000 companies are not fully satisfied with their primary bankers, and that most are thinking of leaving their banks.

According to the survey, the number of institutions saying that they are “definitely” or “possibly” planning to change their bankers increased from 47.3 per cent last year to 49.1 per cent this year.

“The dwindling numbers for those customers that belong to the ‘unlikely’ category clearly suggest that customers are no longer satisfied with merely being satisfied with their banking relationship, signifying that they want more out of the relationship, otherwise they are planning to leave,” said Darryl Ye, Lead Analyst at East & Partners Asia.

Here’s more from the report:

The results are based on interviews with CFOs and Treasurers from the Top 100 institutions by revenue in 10 Asian markers, and covers market share, wallet share, customer satisfaction and churn—where customers are asked if they are intending to change banking provider.

Unusually, at the other end of the spectrum, the percentage of institutions saying they were “definitely not” planning to move also increased, from 11.2 to 15.1 percent. At the same time, the number saying am ove was “unlikely” declined.

The proportion of those who joined the “definitely not” category was almost twice as much as those who joined the “definitely moving” category, indicating that the banks would be able to retain accounts faster than they lose it.