Comments
Making Rewards Count: Turning Data Into Profit
Newest First  |  Oldest First  |  Threaded View
Nathan Golia
50%
50%
Nathan Golia,
User Rank: Author
10/31/2014 | 3:15:35 PM
Re: Existing customers
Of course, banks that embrace automated tools and customers that use them often have high customer experience ratings.
Jonathan_Camhi
50%
50%
Jonathan_Camhi,
User Rank: Author
10/28/2014 | 10:16:31 AM
Re: Existing customers
It's the only reason I've ever switched too. Although an offer for rewards points did play a big role in which bank I wound up switching to.
Byurcan
50%
50%
Byurcan,
User Rank: Author
10/28/2014 | 9:38:04 AM
Re: Existing customers
Pretty much the only reason I've ever switched banks is because I moved to a new area and there was no branches there. The branch still has power!
Jonathan_Camhi
50%
50%
Jonathan_Camhi,
User Rank: Author
10/27/2014 | 9:20:22 PM
Re: Existing customers
I would think that the primary reason that someone would switch banks would be if they move to a new area. I keep reading that branch location still plays a big role in choosing a new bank. So if someone moves and they need to find a closer bank that makes sense. But otherwise I think people continue to go to the same bank they always have out of intertia.
Byurcan
50%
50%
Byurcan,
User Rank: Author
10/27/2014 | 1:33:02 PM
Re: Existing customers
Especially with so much people have automated -- direct deposit, autp bill pay etc -- it becomes a hassle to switch banks. One of the reaosns why the infamous "bank transfer day" of 2011 failed so miserably.
Kelly22
50%
50%
Kelly22,
User Rank: Author
10/27/2014 | 12:34:16 PM
Re: Existing customers
I agree - unless they experience really terrible service, I feel like many customers stick with a bank simply because it's more convenient than making a switch. With big data and analytics tools, there's a big opportunity for banks to learn more about their existing customers and deliver experiences that will ensure their loyalty for many years down the road. 
Byurcan
50%
50%
Byurcan,
User Rank: Author
10/27/2014 | 8:58:22 AM
Existing customers
The point about understanding the potential of existing customers is a good one. Often, people will stay with a bank for years out of convenience. And banks, like many other industries, can often fall victim to the trap of spending so much time luring new customers they often don't cultivate existing realtionships.


Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology
BS&T's 2014 Elite 8 executives are leading their banks to success, whether it involves leveraging the cloud, modernizing core systems, or transforming into digital enterprises.
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.