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Retaining customers in UK financial services: The retailers' tale

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  • Jillian Dawes Farquhar

Abstract

Retaining customers offers major benefits to retailers of financial services, such as improved customer profitability and lowered acquisition costs. In spite of the importance to the sector in minimising customer ‘churn’, there has been limited investigation into the practices of customer retention. This paper reports empirical research into the retention of customers in traditional retailers of financial services in the UK to study the practices involved in retention. Following a pluralistic research design, data were generated by means of interviews with senior bank staff and by surveying staff involved either directly or indirectly with retaining customers. The study discovers key elements in the practice of retaining customers and also points to a number of potential difficulties as these organisations balance the activities of customer acquisition and retention.

Suggested Citation

  • Jillian Dawes Farquhar, 2005. "Retaining customers in UK financial services: The retailers' tale," The Service Industries Journal, Taylor & Francis Journals, vol. 25(8), pages 1029-1044, December.
    • Handle: RePEc:taf:servic:v:25:y:2005:i:8:p:1029-1044
    DOI: 10.1080/02642060500237478
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    Cited by:

    1. Suraya Akmar Binti Mokhtaruddin & Che Aniza Binti Che Wel & Syed Shah Alam & Nor Rahimy Binti Khalid, 2018. "The Influence of Relationship Marketing Orientation (RMO) on Customer Retention in Travel Agency Services," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 8(2), pages 713-724, February.
    2. Badghish, Saeed & Shaik, Aqueeb Sohail & Sahore, Nidhi & Srivastava, Shalini & Masood, Ayesha, 2024. "Can transactional use of AI-controlled voice assistants for service delivery pickup pace in the near future? A social learning theory (SLT) perspective," Technological Forecasting and Social Change, Elsevier, vol. 198(C).
    3. Yan Dong & Yuliang Yao & Tony Haitao Cui, 2011. "When Acquisition Spoils Retention: Direct Selling vs. Delegation Under CRM," Management Science, INFORMS, vol. 57(7), pages 1288-1299, July.
    4. Farquhar, Jillian Dawes & Panther, Tracy, 2008. "Acquiring and retaining customers in UK banks: An exploratory study," Journal of Retailing and Consumer Services, Elsevier, vol. 15(1), pages 9-21.
    5. Tsung-Chi Liu & Li-Wei Wu, 2009. "Cross-buying evaluations in the retail banking industry," The Service Industries Journal, Taylor & Francis Journals, vol. 29(7), pages 903-922, July.

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