Customer Loyalty in Banking and Financial Institutions: Determinants in the Belgian Banking Sector

The financial service sector is one of the sectors that have dramatically changed in the past years. The result of these changes has be a creation of a market place characterized by intense competition, little growth in primary demand and increased deregulation. Some authors explain this by stressing that as the result of this competition banks have attempted to set different strategies to retain their customers. To achieve this strategy of increasing customer loyalty, innovative products have been introduced by most banks, including those in Belgium. This book provides a framework that can help decision maker to design their product in order to meet their customer expectation. The framework developed in this book is actually based on the quantitative data obtained through a survey of customers of different banks in Belgium. Although the factors described in this book might be relevant for the Belgium case, one can still apply them in any banking environment. Some other interesting features that this book tries to highlight are the fact that social factors can play a role in building customer loyalty. .