Unlocking customer advocacy in retail banking
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(0)Overview: Despite significant investment, the largest banks are not well positioned for organic growth: our research shows the majority of customers will be reluctant to commit to a deeper relationship as a consequence of their prior cumulative experience with the bank. In order for banks to fully achieve the benefits from organic growth, bank executives need to understand customer attitude and its impact on customer behavior. Customers who have a positive attitude toward the bank are advocates, while those whose experiences shape negative opinions become antagonists. As such, a banks ability to effectively manage and influence customer attitude becomes paramount to achieving organic growth. In this study, we establish the link between advocacy and higher profitability, responsiveness and trust and explore three critical questions: Are banks fully positioned to grow organically? Can a focus on improving advocacy unlock growth potential? How can banks capture the opportunity?
