 |  |  |
Industry News Future customer loyalty solutions require tailored offerings 2010-08-20 The recent recession has shone the spotlight on customer loyalty in banking, spurring many researchers to conduct customer retention analyses to discover ways to maximize customer profitability. A survey by research firm Accenture has found that average customer profitability has fallen between 5 percent and 15 percent compared to pre-recession levels. The survey, entitled "Customer 2012: Time for a New Contract Between Banks and their Customers?," reported several ways in which financial institutions can adjust their services to prepare for the future. Of 46 banks surveyed, 83 percent of executives noted an increased demand for services that allow customers to bank at their convenience, such as online, telephone and mobile opportunities. However, bank executives did not consider this an easy change to implement. Sixty-three percent said that meeting these demands would pose a challenge to the FIs over the next three years. Additionally, the survey found that customers want more individualized attention - they no longer have use for bundled packages or products. "They want lots of information to compare the costs of different products and bundle them themselves, for example a car loan and car insurance," Dorothy Armstron, co-author of the report and a senior executive in Accenture's financial services group, said. Many banks are already developing programs and tools that will help customers access their accounts from anywhere at any time. The makers of smartphones such as Apple's iPhone and Google's Android devices have partnered with some of the nation's largest banks to offer "apps" that allow customers to pay bills, transfer money and check available balances. 
Two More Words on Client Retention
|
 |
 |
 |
 |
 |
 |
Contact Us | FAQ | Site Map | PNT Privacy Pledge | © 2008 PNT Marketing Services