RESEARCH REPORT
Banking Consumer Study 2025
Powering organic growth through customer advocacy
3-MINUTE READ
March 17, 2025
In brief
- The lack of connection in digital interactions is pushing customers to seek more personal banking experiences and engage with multiple banks.
- To uncover the key drivers banks can use to build advocacy, we analyzed 49,300 customers across 39 countries and 700 banks.
- Banks that build true advocacy strengthen customer bonds, boost revenue growth and drive long-term value.
Why are banks struggling...
Digitalization has made banking less personal and more transactional. Moreover, the limited differentiation among banks has led many customers to engage with multiple providers beyond their primary institution. To stay competitive, banks must rethink their strategy by moving beyond transactional relationships and focusing on building strong customer advocacy.
73%
engage with multiple banks beyond their main bank.
58%
purchased a financial service or product from a new provider in the last 12 months.
33%
have a relationship with a digital bank.
…and why is advocacy the answer?
Advocacy is a powerful step beyond loyalty. Banks that make their customers feel valued and understood build long-lasting relationships. These advocates remain committed and spread the word, leading to stronger connections, enhanced product engagement and improved overall bank performance.
1.7x
Faster revenue growth seen by banks with the highest customer advocacy scores (top 20%) with even higher growth recorded in North America (2.6x).
5-30%
Boost in share of wallet across products as customer advocates hold, on average, 17% more products with their primary bank.
Four drivers of customer advocacy
How can banks drive advocacy in an increasingly digital world? Our study reveals that trust, personalization, customer service, and competitive benefits are key areas impacting customer advocacy. However, many banks miss the mark when it comes to delivering in these areas, leaving customers disengaged. To help banks meet customer expectations, our report identifies four drivers which are the key to turning satisfied customers into true advocates:
Building trust in the age of AI
AI plays a crucial role in helping banks build customer advocacy by enabling efficient scaling while personalizing the customer experience and building deeper connections—much like the trusted branch managers of the past. No bank can equally invest across all drivers of advocacy, so the real challenge lies in balancing them with short-term gains and long-term investments. Prioritizing focus areas is key, and generative AI can play a pivotal role in this process.
In today’s competitive landscape, building customer advocacy is more than just reconnecting. At the very core, authentic advocacy is built on a genuine concern for the customer and is a vital strategy for driving profitable growth. Banks must rethink how to build and sustain emotional connections and turn satisfied customers into loyal advocates.
Want to learn more?
As part of our survey, we have gathered in-depth data on nearly 160 global banks, uncovering key trends in customer advocacy, personalization and digital transformation. Our insights can help you benchmark your organization against industry leaders and identify strategic opportunities for growth. Contact us to explore a deeper, tailored analysis and discover how you can stay ahead in an evolving banking landscape.