One of the biggest struggles facing the retail bank today is customer retention. If you are a ‘glass half empty’ person, then you will prefer the phrase: ‘customer churn’. Either way, for any bank, especially retail banks, holding onto the current customer base is a number one priority. 

According to a recent report by consultants PricewaterhouseCoopers (PwC), insurers are coping with the credit crunch better than most other financial services sectors. In its Financial Services Survey, produced in conjunction with the Confederation of British Industry (CBI), PwC revealed that while banks, building societies and securities traders have suffered from falling business volumes and rising transaction costs in the past three months, the insurance industry, both life and general insurance, has remained strong.