How artificial intelligence can give challenger banks an edge

Customer churn can provide great insights into what needs to change in business. In 2016, over a million customers switched their banks in the UK. With Current Account Switch Service in effect in UK, the pace of switching is making Current Accounts look a lot like Gas & Heating suppliers. By digging deeper into consumers' reasons for changing banks, the primary determinant is poor customer service; closely followed by accessibility by 23 per cent of respondents, rewards (16%) and special offers (13%). Collectively this is leading to a more competitive environment that favours the consumer.