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Survey: U.S. Banks Under-Leveraging Customer Loyalty
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anon1149731143
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anon1149731143,
User Rank: Apprentice
7/15/2014 | 5:22:09 AM
re: Survey: U.S. Banks Under-Leveraging Customer Loyalty
Well said, Leveraging Customer Loyalty program is a good thing to beat rival. However banks should provide reliable and best service to make thier loyal customer not by reward programs.
Kelly22
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Kelly22,
User Rank: Author
7/1/2014 | 4:58:08 PM
re: Survey: U.S. Banks Under-Leveraging Customer Loyalty
Insurers really should be paying attention. Right now consumers still have loyalty to traditional institutions, but as more customers become willing to try other options I think we'll see some new competition in the insurance space.
KBurger
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KBurger,
User Rank: Author
7/1/2014 | 1:48:54 PM
re: Survey: U.S. Banks Under-Leveraging Customer Loyalty
Kelly, as an aside, insurance companies should be watching (and learning from) these trends very closely. Right now it's primarily banks that are facing these kinds of disintermediation challenges, but as consumers become more tech-savvy & willing to deal with non-traditional FS providers,and as more tech companies see opportunities to disrupt traditional financial services, insurers could see the same kinds of new competition.
Kelly22
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Kelly22,
User Rank: Author
6/30/2014 | 9:07:47 PM
re: Survey: U.S. Banks Under-Leveraging Customer Loyalty
True, there is still opportunity for banks to develop relationships with consumers. Hopefully we see more banks leverage customer loyalty before clients start to turn to outside competitors.
KBurger
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KBurger,
User Rank: Author
6/30/2014 | 7:37:15 PM
re: Survey: U.S. Banks Under-Leveraging Customer Loyalty
You really can look at this glass-half-full or glass-half-empty. Good news is, it seems that most customers are open to having deeper relationships with their banks, banks just aren't doing a good enough job of leveraging that (but there's still opportunity for them to do so). Bad news is, a growing number of customers are finding ways to handle their financial services needs with non-bank providers (PayPal, Greendot, etc.). If the non-banks "get" how to leverage customer loyalty, it will be that much harder for banks to make up for lost time.
Kelly22
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Kelly22,
User Rank: Author
6/30/2014 | 6:01:15 PM
re: Survey: U.S. Banks Under-Leveraging Customer Loyalty
Good point, Jon. Banks will have to work hard to retain customers that are so easily swayed by lower prices. Developing programs that reward customer loyalty could really help with that.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
6/30/2014 | 4:22:23 PM
re: Survey: U.S. Banks Under-Leveraging Customer Loyalty
Really illustrates the opportunity that exists in deepening customer relationships, something that bankers are always taking about. There's serious money to be made there. But customers today are more likely to just go online and search for the best price. You have to be proactive with offers to get ahead of that.


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