# Billions at stake if banks and insurers could make customers feel valued Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-07-08 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: UK Financial Services Missing Billions Report Meta Description: Discover how UK financial services brands are missing out on billions due to poor communication, with over 50% of customers willing to spend more if they feel URL: https://financedigest.com/billions-at-stake-if-banks-and-insurers-could-make-customers-feel-valuedhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/wm2a7421-1517-1736843699283-compressed.jpg) More than 50 per cent of the customers of UK financial services brands would be willing to spend more – potentially equating to billions – if only they felt more valued by them, according to new research from Jacob Bailey Group. _Missing Billions_ is a new report from Jacob Bailey Group, the creative business services agency, based on a survey of 1,200 UK consumers in Spring 2017, to better understand the concerns of financial services customers today. **Key findings include:** - **Brands are missing out on billions:** - More than 50 per cent of financial [services institutions’ existing customers would be willing to spend](https://www.financedigest.com/automobile-shortages-spending-shift-to-services-hurt-u-s-retail-sales.html "Automobile shortages, spending shift to services hurt U.S. retail sales") more money on multiple products with the same provider if only they received better communications - This would equate to: £2.6 billion spent on debit cards, £2.3 billion on credit cards, £2.3 billion on [car insurance](https://www.financedigest.com/ten-things-youre-doing-that-are-invalidating-your-car-insurance.html "TEN THINGS YOU’RE DOING THAT ARE INVALIDATING YOUR CAR INSURANCE"), £1.9 billion on home insurance, £1.7 billion on mortgage lenders, and finally £1.6 billion on life insurance - 15 per cent of people would spend more than £100 extra per year - **Customers do not feel valued:** - More than one third of people (37 per cent) do not feel [valued by their current](https://www.financedigest.com/polycaprolactone-market-is-projected-to-expand-at-an-impressive-cagr-of-10-over-the-next-decade-to-be-valued-2-5x-its-current-side-by-2030.html "Polycaprolactone Market Is Projected To Expand At An Impressive CAGR Of 10% Over The Next Decade, To Be Valued 2.5X Its Current Side By 2030") bank; while one in ten (12 per cent) do not feel valued at all by bank brands - Nearly a third of people (31 per cent) do not feel valued by their credit card provider - Just over a third (35 per cent) do not feel valued by their [home insurance](https://www.financedigest.com/what-is-the-difference-between-a-home-warranty-and-home-insurance.html "What is the Difference between a Home Warranty and Home Insurance?") company - 22 per cent do not feel valued by their [life insurance](https://www.financedigest.com/buying-life-insurance-after-a-diabetes-diagnosis.html "Buying Life Insurance After a Diabetes Diagnosis") company - **Communication is poor:** - Almost one fifth of people believe their financial services provider does not communicate with them enough. This figure is [higher for people who earn](https://www.financedigest.com/italian-hearing-aid-maker-amplifon-expects-higher-2023-earnings.html "Italian hearing aid maker Amplifon expects higher 2023 earnings") between £45,000 to £55,000 (22 per cent), as well as people with an income above that bracket (21 per cent) The [study uncovered a number of issues around how financial services](https://www.financedigest.com/telematics-services-market-to-witness-exponential-growth-by-2031-end-tmr-study.html "Telematics Services Market to Witness Exponential Growth by 2031 End | TMR Study") brands communicate with their customers, including lack of timely, relevant, personalised and helpful information, and general misunderstanding of financial circumstances. The Missing Billions report also ranks [financial services companies according to how valued their customers](https://www.financedigest.com/financial-companies-delivering-better-value-for-customers-in-loyalty-programmes-compared-to-other-sectors.html "Financial companies delivering better value for customers in loyalty programmes compared to other sectors") feel. Out of 20 brands examined, Bank of Ireland was the [top performing company](https://www.financedigest.com/immunology-drug-market-growth-by-top-companies-trends-by-types-and-application-forecast-analysis-to-2030.html "Immunology Drug Market Growth by Top Companies, Trends by Types and Application, Forecast Analysis to 2030") with the fewest customers feeling undervalued (22 per cent), followed by Nationwide (31 per cent) and RBS (33 per cent). Rob Manning, Strategy Director, Jacob Bailey Group, said: _“In an age dominated by digitisation, convenience and personalisation, the financial services sector has never been under so much pressure to evolve._ _“We set out to understand why these brands are failing, losing out to savvier, more agile new market entrants, finding that how financial services brands communicate with their customers is potentially [costing them billions](https://www.financedigest.com/the-inflation-quirk-that-is-costing-spain-billions.html "The inflation quirk that is costing Spain billions") every year. To [unlock these missing billions](https://www.financedigest.com/cryptoverse-ethereum-upgrade-to-unlock-33-billion.html "Cryptoverse: Ethereum upgrade to unlock billion"), these brands need to connect relevance through microtargeting, based on the best use of data, technology and creativity, leading to brilliant customer experiences.”_ --- This blog is powered by Superblog. 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