Exploring the factors influencing switching behaviour of the high-net-worth clients in a South African financial services organisation

Abstract

This study explores factors influencing the switching behaviour of high-net-worth clients in a South African financial services organisation. Using thematic and content analysis, it provides a comprehensive understanding of why clients consider switching and the strategic responses available to financial service organisations. Findings show that behavioural, relational, and contextual factors trigger switching in financial service organisations. It underlines the importance of adaptive private-banking strategies within global, continental, and national contexts, strengthening both theoretical and practical insight into client retention in private banking. It further highlights the role of visible, empathetic leadership in retention, and recommends comparative research on retention strategies across banks and markets, considering macroeconomic and regulatory influences, to develop a cross-institutional model. Lastly, it emphasises deepening understanding of client experiences and digital interactions in relationship management, prioritising emotional resonance and ethical trust over purely performance-based metrics.