Are banks rediscovering the value of customer loyalty?

By Scott Phillips
Updated November 11 2017 - 9:44am, first published October 19 2017 - 12:29am
ADELAIDE, AUSTRALIA - DECEMBER 01: A general view of Commonwealth Bank on December 1, 2016 in Adelaide, Australia. (Photo by James Elsby/Fairfax Media) Generic ATM, CBA, branch
ADELAIDE, AUSTRALIA - DECEMBER 01: A general view of Commonwealth Bank on December 1, 2016 in Adelaide, Australia. (Photo by James Elsby/Fairfax Media) Generic ATM, CBA, branch

I want you to imagine, just for a second, the worst "service" business you could think of. You're likely imagining one with a high level of distrust among consumers. One that charges you every single time you use it. One whose peers have been hit by scandal after scandal. And one whose motives seem conflicted - between helping you and making as much money out of you as it can.

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