Banks need multi channel approach to improve customer retention
2010-07-30
While technologies such as mobile and online banking have quickly become important parts of a financial institution's customer loyalty solutions, a new report by the Mercator Advisory Group says that banks can't just focus on any one channel, but need to have a balanced multi-channel approach to customer loyalty.

Researchers said that while most customers named online banking as their preferred banking method, they also stated that the convenience of branches and other self-service channels was an important part of their satisfaction.

"Banks have long focused on channel-specific issues and must broaden their perspective to improve experience across channels. Quality multi-channel experiences are the key to leveraging the investments banks have made in branches, contact centers, ATMs, IVRs, online banking and now mobile phones," says Mercator Advisory Group’s Bob Landry, vice president of banking group advisory services.

To help improve overall satisfaction, the report says that financial institutions should focus on staff motivation, having reliable and consistent customer information and data continuity across their various channels.

By creating a multi-channel approach, banks have the opportunity to actively engage their core customers and gain a better comprehension of their needs. A new report by Ovum says that FIs that allow customers to submit feedback about their processes will gain additional insight to help improve satisfaction and loyalty.

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