Banks around the world may believe they enjoy strong customer loyalty, but new research suggests that much of that loyalty exists only on paper. According to Accenture’s 2025 Global Banking Consumer Study, while many customers keep their primary accounts at one bank, 73% also hold at least one financial product with another institution — highlighting a growing disconnect between how banks measure loyalty and how customers actually behave.
Product-centric strategies dominate banking models
For decades, banks have structured their business models around individual products — checking accounts, mortgages, credit cards and personal loans. Incentive systems inside banks often reward teams for selling specific products rather than building deeper relationships with customers.
This product-centric structure has shaped both marketing strategies and internal performance metrics. Banks measure success through product sales volumes, cross-selling ratios and account openings.
However, the approach increasingly fails to reflect how customers manage their finances today.
Customers diversify financial relationships
The Accenture study shows that most consumers now use multiple financial providers simultaneously. Even when customers maintain a primary bank account, they frequently turn to alternative institutions for credit cards, savings products, investment services or digital payment tools.
Fintech platforms, digital banks and specialised financial apps have made it easier than ever for customers to distribute their financial activity across several providers.
This fragmentation means that traditional banks may believe they hold a strong customer relationship while, in reality, they control only a portion of that customer’s financial life.
Convenience and pricing drive switching behaviour
Consumers increasingly choose financial services based on convenience, user experience and pricing rather than long-standing loyalty to a single institution.
Digital platforms offering faster onboarding, lower fees and more intuitive interfaces have attracted millions of customers away from traditional banks. Payment apps and digital wallets have also become major competitors for transaction activity.
As a result, the traditional concept of the “primary bank” is gradually weakening.
Relationship banking requires a new model
Industry analysts argue that banks need to rethink how they define and measure customer relationships. Rather than focusing on selling individual products, financial institutions may need to design ecosystems that manage broader financial needs.
This includes offering integrated financial planning tools, personalised services and seamless digital experiences that keep customers engaged across multiple areas of their financial lives.
Data analytics and artificial intelligence are increasingly used to identify customer needs and provide tailored financial recommendations.
Strategic shift becoming urgent
The gap between perceived loyalty and actual behaviour presents a growing strategic risk for traditional banks. If institutions continue focusing on product sales rather than long-term engagement, they risk losing more customer activity to fintech competitors.
Banks that successfully shift toward relationship-based models could strengthen retention and unlock new revenue opportunities by serving as the central platform for a customer’s financial life.
Those that fail to adapt may discover that their strongest customer relationships are far weaker than they appear.
Newshub Editorial in Global Markets – March 3, 2026
If you have an account with ChatGPT you get deeper explanations,
background and context related to what you are reading.
Open an account:
Open an account
Recent Comments