The idea of a customer referral program is nothing new for the financial industry.
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.
As banks increasingly try to lean on analytical tools to help them learn how to prevent customer attrition, they are being held back by an aging IT infrastructure made up a number of older systems and databases, the Economist reports.
Since the recession began, many banks have put forth a message of a "client-centric approach" to banking.
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