Uncategorized

50 of the Best Customer Retention Resources for Banks and Financial Institutions

Today’s uncertain economic conditions combined with the lasting effects of the credit crisis and the newly empowered, tech-savvy consumers who expect convenience, personalized service, and competitive fees and rewards have left banking and financial institution executives scrambling to develop and implement customer retention strategies to drive revenue. The challenges facing the financial services sector seem daunting and insurmountable, but customers reward banks and institutions that add value to their lives with loyalty.

10 Marketing Strategies for  Banks and Financial Institutions

That’s why we at NGDATA have searched for customer retention resources for banks and financial institutions that share insights, advice, and proven techniques for fostering customer loyalty. The articles, scholarly papers, blogs, books, case studies, reports, research, white papers, infographics, and webinars listed below are the top resources we have found for customer retention and include studies, statistics, and strategies from financial institution and sales and marketing experts. Our customer retention resources for banks and financial institutions cover everything from loyalty programs, to customer feedback, to more personalized online and mobile banking solutions to expert retention marketing strategies.

Please note, we have listed our top customer retention resources for banks and financial institutions in no particular order.

Table of Contents:

Articles

1. How to Match Bank Customer Retention Strategies to the Customer Lifecycle
@Genroe

How To Match Bank Customer Retention Strategies to the Customer Lifecycle

For more than 10 years, Genroe has been assisting companies in gaining a better understanding of their existing customers to generate a higher value. In this article, Genroe director and founder Adam Ramshaw explains the importance of matching bank customer retention strategies to their position in the customer lifecycle.

Key points we like from How to Match Bank Customer Retention Strategies to the Customer Lifecycle:

  • Determine why silent attrition bank customers no longer use your product and create initiatives to change their behavior
  • For exiting bank customers, you need to first determine whether they are in the process of moving their business to another company or are in the process of considering that move

Cost: FREE

2. How to Make Customer Loyalty Pay Off
@AmerBanker

How to Make Customer Loyalty Pay Off

American Banker is a key information resource for the banking industry. In this bank customer retention article, the writers explain how even financial institutions embroiled in alleged misconduct steadily increase retail business by earning stronger loyalty from customers.

Three key points we like from How to Make Customer Loyalty Pay Off:

  • Net Promoter Score is a key metric of loyalty
  • Proven methods of achieving overall loyalty leadership for banks and financial institutions are to make concerted efforts to improve the customer experience and to effectively market on how banks simplify consumers’ financial lives
  • Important customer retention opportunities for banks and financial institutions exist in cross-selling to the existing customer base

Cost: FREE

3. Improving Bank Customer Retention
@FinancialBrand

Improving Bank Customer Retention

The Financial Brand, a digital publication that focuses on marketing and strategy issues affecting retail banks and credit unions, offers ideas, insights, and inspiration for financial marketing executives. This article, however, takes a look at customer retention research and adds a bit of humor to the all-important discussion surrounding the battle for customers.

Key ideas we like from Improving Bank Customer Retention:

  • The mobile channel will influence customer retention, “but the business case won’t be justified by some simplistic impact on customer retention”
  • Online banking technology always seems like the holy grail of customer retention

Cost: FREE

4. Call Center Evolution is Critical for Customer Retention in Banks
@SYKES_Global

Call Center Evolution is Critical for Customer Retention in Banks

Kirsten Jepson, Director of Global Marketing for Financial Services at Sykes, Inc., has 25 years of experience working with financial services institutions and now focuses on customer-centric contact center service sales efforts. Her article, Call Center Evolution is Critical for Customer Retention in Banks, makes the case for call centers to address “the unique requirement of the regions where they operate,” just as bank branch locations do.

Three key points we like from Call Center Evolution is Critical for Customer Retention in Banks:

  • Banks and financial institutions must repair the damage done by the credit crisis, and rebuild trust with consumers by reinforcing customer values and delivering on promises made; call centers can play a role in reducing customer churn by increasing satisfaction and loyalty
  • Call center agents can increase customer loyalty and retention with personalized services
  • The right strategic approach for call center services can help banks reinforce brand strength and customer experience

Cost: FREE

5. Increasing Customer Acquisition and Retention with Predictive Analytics
@BankInnovation

Increasing Customer Acquisition and Retention with Predictive Analytics

Produced by Royal Media, a media company that has been serving the financial services industry since 1995, Bank Innovation provides a forum for financial industry professionals to share information, read news, post blogs, and more. Bank Innovation has a particular interest in innovative banking and bank customer acquisition and retention. That is apparent when reading this customer retention article, which encourages banks to connect data to action with predictive analytics.

Three key points we like from Increasing Customer Acquisition and Retention with Predictive Analytics:

  • Banks need to use data to ask the right questions to gain customer retention insights and build valuable customer relationships
  • Bank customers with high satisfaction help positively influence others’ buying decisions
  • Customer-centric data and predictive analytics are useful in retaining customers and increasing marketing effectiveness

Cost: FREE

6. Customer Engagement Strategies That Banks Do (And Can) Use to Bring more Business to the Bank
@Loyalty360

Customer Engagement Strategies That Banks Do (And Can) Use to Bring More Business to the Bank

After attending a webinar entitled ‘Money Matters – Understanding Canadians’ Banking Needs,’ writer Dina Daza reflected on the three main features customers look for from their financial institutions: the best customer service, the best rewards, and the lowest fees. In this customer retention article, Daza writes about how to leverage those features to meet customers’ expectations.

Three key points we like from Customer Engagement Strategies That Banks Do (And Can) Use to Bring More Business to the Bank:

  • Technology plays a key role in providing excellent customer service, so banks need to delight their customers on every interaction across every channel to get them to become brand advocates
  • Incentivize customers with rewards that truly are relevant to them
  • Consider how to use fees to individualize the customer experience and strengthen bank customer relationships

Cost: FREE

7. How Banks Can Increase Customer Retention: 5 Key Steps for Better Engagement, Better Business Decisions
@BrillioGlobal

How Banks Can Increase Customer Retention

A global technology consulting firm, Brillio focuses on optimizing innovation in banking and finance, retail, and other industries. In this Brillio article, author Anunay Gupta reminds banking and financial institution executives that the only way to compete today is to increase customer retention by meeting customers’ needs before someone else does.

Three key points we like from How Banks Can Increase Customer Retention: 5 Key Steps for Better Engagement, Better Business Decisions:

  • Banking executives need data analytics to engage and measure consumer behavior to know how and where to engage them
  • Effective use of analytics means that banking executives can model, measure, predict, and provide actionable business insights and determine the pressing business questions to “future proof” their brands
  • Improving the customer experience will lead to increasing customer profitability through customer loyalty and retention

Cost: FREE

8. U.S. Bank Makes a Soft Sell for Customer Retention Feature
@AmerBanker

U.S. Bank Makes a Soft Sell for Customer Retention Feature

Banking executives push online bill pay because it is a feature that discourages customers from moving accounts; yet, customers are reluctant to use the feature. In this American Banker article, writer Mary Wisniewski explains the novel approach U.S. Bank is using to successfully get customers to use online bill pay and increase customer stickiness.

Three key points we like from U.S. Bank Makes a Soft Sell for Customer Retention Feature:

  • Demonstrating bill pay with a philanthropic transaction excites bankers, which improves the customer experience and makes the marketing campaign more successful
  • Engaging customers with charity donations and a matching donation program makes it easier for tellers to sell the feature
  • Updating bill pay for mobile apps and engaging customers with online and mobile platforms results in increased customer retention

Cost: FREE

9. Consumer Loyalty in Banking Pays Big Dividends on Sales Growth
@FinancialBrand

Consumer Loyalty in Banking Pays Big Dividends on Sales Growth

This article from The Financial Brand describes the ramifications of a customer loyalty study by Bain & Company. The study shows that banks miss opportunities to strengthen their existing customer relationships and thereby lose new product sales to competitors and points to two factors that impact customers to buy: the customer’s loyalty to their primary bank and the bank’s ability to actively sell to its customers.

Three key points we like from Consumer Loyalty in Banking Pays Big Dividends on Sales Growth:

  • Bain recommends a winning model of ‘loyalty plus five capabilities’ to spur existing customers to purchase more from their existing bank
  • Loyalty plays a crucial role in increasing product uptake in all of the 27 countries examined in the study
  • The five key capabilities critical to success: decide where you must win and where you’re willing to lose, design products that ‘pop,’ accelerate the digital transformation, loyalty gives you the right to win more business, but you have to ask for the sale, and build branding that delivers more trust, less buzz

Cost: FREE

10. Loyalty Statistics: The Ultimate Collection
@AccessLoyalty

Loyalty Statistics

Access Development is a large savings and rewards network that helps organizations build loyalty, generate revenue, and engage customers. In this article, Access Development Marketing Communications Manager Brandon Carter explains the complexities of customer brand loyalty and links to dozens of statistics that shed some light on the subject.

Three key ideas we like from Loyalty Statistics: The Ultimate Collection:

  • Just 25% of US consumers consider brand loyalty as something that impacts their buying behavior
  • There are 3.3 billion loyalty program memberships in the U.S., for an average of 29 per household
  • 39% of American consumers would leave a competitor’s website and never return to a retailer’s site after a “poor” user experience

Cost: FREE

11. The Untapped Opportunity in Financial Services
@PeppersRogers

The Untapped Opportunity in Financial Services

Peppers & Rogers Group is a management consulting firm that focuses on customer experience strategy and operations. This article outlines the research study conducted by Peppers & Rogers in conjunction with Carlson Marketing to gain insight into the current state of customer relationships within financial services.

Three key ideas we like from The Untapped Opportunity in Financial Services:

  • While financial service institutions win customer loyalty, they are not turning that loyalty into engaged customers who buy more products and refer the company to others as well as they could be
  • There is ample opportunity for financial institutions to capture more value from existing customers
  • Marketers can use loyalty programs and one-to-one initiatives to turn customer relationships into hard results

Cost: FREE

12. An Investigation of Multi-Product Loyalty in Financial Services
@ProfByron

An Investigation of Multi-Product Loyalty in Financial Services

Kerry Mundt, Byron Sharp, and John Dawes of the University of South Australia are the authors of this scholarly paper that identifies patterns in multi-product loyalty in financial services. They sought to determine whether bank and credit union brands vary systematically in loyalty levels and whether objectives such as increasing wallet share or average holdings per customer were feasible.

Three key points we like from An Investigation of Multi-Product Loyalty in Financial Services:

  • When consumers need a new financial product, most go to their main financial institution or a provider with whom they already have dealt
  • Most study respondents chose a particular financial institution because of location, interest rates, and service
  • There is some indication that consumers are more likely to choose a previous provider for service but a new provider for location or rates

Cost: FREE

13. Retail Banks: Customer Experience Trumps Price for Loyalty
@BrillioGlobal

Retail Banks

This article by Sandeep Devagiri, Director of Marketing and New Technologies at Marketelligent, a Brillio company, analyzes the need for retail banks to win existing customers’ loyalty by meeting customer needs, providing superior service, and delivering a seamless and intuitive customer experience. As mobile-based banking and digital-savvy customers pose new challenges to the banking industry, banking marketers need to retain more customers now than ever before.

Three key points we like from Retail Banks: Customer Experience Trumps Price for Loyalty:

  • Bank marketing activities only work when they target the right customer with the right activity, with a very personalized context, and with the right channel
  • Banks need to first start targeting customers at the right time and then target them with the right context
  • Banks are better able to identify at-risk customers when they utilize attrition analysis

Cost: FREE

14. Sales and Service Intertwined: The Future of Retail Banking Success
@TheForumCorp

Sales and Service Intertwined

A pioneer in leadership, sales,and customer service, The Forum Corporation designs and delivers customized learning solutions to enhance organizations’ strategies. In this customer retention article, writer Michael Frisbie, Business Development Manager at Forum, discusses the challenge posed by the fact that more than 50% of retail banking customers would consider changing banks within six months, as determined by a Gallup poll. Frisbie also considers the Gallup conclusion that customers most often stay with their bank because of positive experiences.

Three key points we like from Sales and Service Intertwined: The Future of Retail Banking Success:

  • Banks need to transform positive customer experiences into long-term loyalty
  • Start with the end goal and work backwards to design the best solution to transform your service model
  • Banking and financial institution executives and professionals need to have the following skill-sets in order to maximize sales and optimize the customer experience: connecting, encouraging, questioning, confirming, and providing

Cost: Contact for a quote

15. Gain a Competitive Edge: Create Customer Loyalty
@calbanktrust

Gain a Competitive Edge

This customer loyalty article from California Bank & Trust, a leading commercial bank, explores how satisfying customers leads to long-term loyalty, sales, and revenues. In this age of competitive banking, the best way to edge out the competition is to foster customer loyalty.

Three key points we like from Gain a Competitive Edge: Create Customer Loyalty:

  • There are five basic types of customer loyalty: purchased loyalty, convenience loyalty, restricted loyalty, loyalty to your people, and true loyalty
  • Banks and financial institutions need to focus on the customer, rather than their business, to build customer loyalty and determine customer expectations and needs
  • Put your effort into developing changes that benefit customers rather than spending a fortune on expensive advertising or offering significant discounts

Cost: FREE

16. Differentiation in Banking Requires Better Data Insights
@FinancialBrand

Differentiation in Banking Requires Better Data Insights

In this customer retention article, Jim Marous, co-publisher of The Financial Brand and publisher of the Digital Banking Report, explains how financial institutions are well positioned to use their billions of existing data points on consumers to improve targeting programs, customer experience, and loyalty and revenues. Banks and credit unions especially can analyze transaction data and external data to gain valuable insight into consumers to build customer retention.

Three key points we like from Differentiation in Banking Requires Better Data Insights:

  • Transaction data reveals information regarding customer needs, preferences, and behaviors
  • Financial organizations can use social media insight to develop holistic view of customers
  • A key for financial institutions looking to build customer retention is to provide superior customer experiences by contextualizing data and getting personal to understand and reach customers at the individual level

Cost: FREE

17. The Three Cs of Customer Satisfaction: Consistency, Consistency, Consistency
@McKinsey

The Three Cs of Customer Satisfaction

McKinsey & Company has been a trusted advisor to leading global business, governments, and institutions for nearly 100 years. Authors Alfonso Pulido, McKinsey associate principal, Dorian Stone, McKinsey principal, and John Strevel, McKinsey associate principal, explore consistency as a secret ingredient for customer satisfaction and the challenges in getting it right and giving it top-leadership attention.

Three key points we like from The Three Cs of Customer Satisfaction: Consistency, Consistency, Consistency:

  • Individual interaction satisfaction is no longer enough, as customer journeys now span all elements of a company; measuring satisfaction on customer journeys is 30% more predictive of overall customer satisfaction than measuring happiness for each individual interaction
  • Maximizing satisfaction with customer journeys potentially increases customer satisfaction by 20% and to lift revenue by up to 15% while lowering the cost of serving customers by as much as 20%
  • There are three key areas to consistency: customer-journey consistency, emotional consistency, and communication consistency

Cost: FREE

18. Keep Customers From Flying the Coop
@ABABankers

Keep Customers From Flying the Coop

The American Bankers Association is celebrating its 140th anniversary and is proud to represent banks of all sizes and charters. This customer retention article appeared in an issue of ABA Bank Marketing and Sales and was written by Nick Miller, president of Clarity Advantage, a firm that helps banks generate profitable relationships with small- and medium-sized companies, their owners, and employees. In the article, Miller addresses seven approaches to customer retention that get the best results.

Three key points we like from Keep Customers From Flying the Coop:

  • It costs less to retain existing customers than it does to acquire new ones
  • All banks and financial institutions first need to identify which customers they want to retain by completing an evaluation and utilizing segmentation maps
  • Seven successful customer retention strategies are communication, education, penetration, differentiation, conversion, integration, and adoration

Cost: FREE

Blogs

19. Think with Google – Financial Services
@ThinkwithGoogle

Think with Google - Financial Services

Think with Google is “Google’s take on fresh marketing and a look at what’s next.” A “digital cheat sheet,” Think with Google – Financial Services addresses data as currency and delivers the financial services insights that banking and financial institution executives rely on to retain customers and drive revenue.

Three posts we like from Think with Google – Financial Services:

Cost: FREE

20. Bain & Company – Industry Insights – Financial Services
@BainAlerts

Bain & Company - Industry Insights - Financial Services

Bain & Company serves clients on issues pertaining to strategy, operations, technology, organization, and mergers and acquisitions. Their Industry Insights for Financial Services delivers invaluable information on customer retention for banks and financial institutions.

Three posts we like from Bain & Company – Industry Insights – Financial Services:

Cost: FREE

21. Perficient – Financial Services
@Perficient_FS

Perficient - Financial Services

Perficient is a management and technology consultancy whose solutions focus on the driving forces behind global finance. Their blog offers “perspectives on emerging technology trends for financial services providers” and shares insights regarding customer retention for financial institutions.

Three posts we like from Perficient – Financial Services:

Cost: FREE

22. Capco
@CapcoNA

Capco

A global business and technology consultancy, Capco is solely dedicated to the financial services industry. The Capco Financial Services Blog, therefore, is a trustworthy and not-to-be-missed customer retention resource for banks and financial institutions.

Three posts we like from Capco:

Cost: FREE

23. Deloitte Center for Financial Services
@DeloitteUS

Deloitte Center for Financial Services

Deloitte is the brand that encompasses tens of thousands of professionals throughout the world in independent firms who collaborate in order to provide audit, consulting, financial advisory, risk management, tax, and related services to select clients. With all of the combined expertise found at Deloitte, it isn’t any wonder that the Deloitte Center for Financial Services is the place for timely insights on the latest issues facing the industry.

Three posts we like from Deloitte Center for Financial Services:

Cost: FREE

24. The Financial Brand
@FinancialBrand

The Financial Brand

The ideas and insights provided by The Financial Brand for financial marketing executives are among some of the best available in the industry. With a true focus on customer loyalty strategies for banks and financial institutions, The Financial Brand is an invaluable resource for customer retention.

Three posts we like from The Financial Brand:

Cost: FREE

25. Visible Banking
@Visible_Banking

Visible Banking

Visible Banking focuses on social media business data strategy and digital marketing. Christophe Langlois, an international business social media keynote speaker on topics including digital, B2B social media, banking innovation, the social customer, and personal branding, is Visible Banking’s founder and the author of many of the blog posts, which banking and financial institution executives will find especially helpful when it comes to customer retention strategies.

Three posts we like from Visible Banking:

Cost: FREE

26. CEB TowerGroup Retail Banking
@CEB_FinServ

 

CEB TowerGroup Retail Banking

CEB TowerGroup recognizes the challenges facing the retail banking industry as a result of increased regulation, uncertain economic conditions, non-traditional competitors, and decreased fee revenue streams. Their blogs posts are a wealth of insights, information, and actionable advice for banks and financial institutions interested in increasing customer retention in these challenging times.

Three posts we like from CEB TowerGroup Retail Banking:

Cost: FREE

Books

27. Loyalty and Customer Relationship Management in Banking Sector: Case Study of HSBC

Loyalty and Customer Relationship Managment in Banking Sector

Written by Farrukh Khan, Loyalty and Customer Relationship Management in Banking Sector: Case Study of HSBC points to the various ways in which the banking industry fosters customer loyalty. An in-depth look at customer retention and customer relationship management, the book is available online via Google Books.

Three key ideas we like from Loyalty and Customer Relationship Management in Banking Sector: Case Study of HSBC:

  • Bank staff nurtures customer loyalty, so satisfied employees play a role in customer retention
  • Banks should measure the customer’s share of the wallet to determine which customer segments have the potential for further growth
  • Trust is a key component of customer loyalty

Cost: FREE via Google Books

28. A Retrospective Data Examination of Customer Loyalty in the E-Banking Technology Services Industry: Strategies for New Successes
@ProQuest

A Retrospective Data Examination of Customer Loyalty in the E-Banking Technology Services Industry

Presented as a dissertation for a doctorate in philosophy by John Reynolds, A Retrospective Data Examination of Customer Loyalty in the E-Banking Technology Services Industry: Strategies for New Successes is available free of charge on Google Books. This comprehensive look at strengthening customer loyalty in the e-banking technology services industry offers important insight for banking and financial institution executives.

Three key points we like from A Retrospective Data Examination of Customer Loyalty in the E-Banking Technology Services Industry: Strategies for New Successes:

  • Trust, perceptions, and rate of recommendation should all be considered in customer loyalty data
  • Small, medium, and large banks and financial institutions need to analyze their data and approach customer loyalty in different ways that are appropriate for their situations
  • E-banking services should focus on customer satisfaction and brand reputation to build customer loyalty, just as brick-and-mortar banks do

Cost:

  • FREE via Google Books
  • Immediate PDF Download: $38
  • Unbound: $39
  • Soft cover: $56
  • Hard cover: $72

Case Studies, Reports, Research, and White Papers

29. Heartland Bank Drives Savings and Customer Loyalty with Online Marketing Strategy
@ACI_Worldwide

Heartland Bank drives savings and customer loyalty with online marketing strategy

ACI Worldwide provides reliable and secure payments systems to the world’s top financial institutions, retailers, billers, and processors. In this case study, ACI showcases Heartland Bank, a top 100 U.S. community bank, whose mission is to provide the best personalized financial services at competitive prices for its communities’ individuals and businesses’ economic growth and wellbeing.

Three key points we like from Heartland Bank Drives Savings and Customer Loyalty with Online Marketing Strategy:

  • Marketing strategies that educate existing customers on the value of online channels result in more revenue and strengthen customer relationships
  • Online self-service is a component in retaining customers
  • By showing customers the value your brand brings to their lives, banks and financial institutions increase customer retention

Cost: FREE

30. Customer Loyalty in Retail Banking: Strategies for Success
@DatamonitorFS

Customer Loyalty in Retail Banking

Datamonitor Financial offers insights and snapshots on banking, cards and payments, insurance, and wealth management trends. This Datamonitor report outlines “how to attract and retain loyal and profitable customers” and is a valuable customer retention resource for banking and financial institution executives.

Three key points we like from Customer Loyalty in Retail Banking: Strategies for Success:

  • Customer experience impacts customer loyalty
  • Loyalty drives profitability and advocacy
  • Social media, tiered rewards, and contextual offers are key components of engaging loyalty schemes

Cost: $5,250

31. Addressing the Challenges of Customer Retention
@FISGlobal

Addressing the Challenges of Customer Retention

Written by Andrea Wiggers and Cheryl Yaeger of BenchMark Consulting International, this report explores the challenges of customer retention for banks. One of the key points of the report is that banks need to determine who to retain and how to retain them.

Three key points we like from Addressing the Challenges of Customer Retention:

  • Banks should monitor customer expectations and provide for appropriate adjustments
  • One key to customer retention is designing an organization to support the customer retention program and communicate the structure and rationale throughout the company so that employees are eager to work with customers and know how to bundle products
  • The most successful customer retention strategies first define the objective and then implement tactical plans to meet those customer retention objectives

Cost: FREE

32. Customer Retention Practices of Microfinance Banks
@academia

Customer Retention Practices of Microfinance Banks

This report, first published in the European Journal of Business and Management, identifies a core group of retention strategies for customer retention in microfinance banking. The report also points out that banking and financial institution executives need to have a better understanding of the nature of retention strategies and the reasons for their success and failure.

Three key points we like from Customer Retention Practices of Microfinance Banks:

  • Three major factors come into play when customers decide to quit or remain with a bank: the level of satisfaction with the service being provided, the level of loyalty customers have toward the organization, and the perceived barriers to exit
  • Loyal customers have a low level of tolerance when it comes to service failure
  • Service recovery programs facilitate and strengthen relationships with customers

Cost: FREE

33. Building Brand Loyalty in Financial Services
@Genpact_Ltd

Building Brand Loyalty in Financial Services

Genpact Limited is a global leader in transforming and running business processes and operations. Rick Seaberg, Vice President of Genpact, wrote this report to share his point of view on the ways in which financial institutions and banks can build brands, engage customers, and gain loyal customers.

Three key points we like from Building Brand Loyalty in Financial Services:

  • Financial institutions must deliver superior customer experiences to engage consumers and transform them into loyal customers
  • Banks should use every available channel, including social media networks, to deliver top-notch service and customer outreach
  • Financial institutions should have methods in place to monitor and respond to customers on social media and remain in control of their brand positioning

Cost: FREE

34. Bigger Challenges & New Priorities Face Banking Industry
@FinancialBrand

Bigger Challenges & New Priorities Face Banking Industry

Jim Marous, partner at The Financial Brand and publisher of the Digital Banking Report, wrote this report on Temenos’ 7th Annula Survey of Challenges, Priorities, and Trends in the Financial Services Sector. Of greatest concern is customer loyalty, as a reported 30% of global senior bankers note that as customers become more empowered and informed they will switch providers in greater numbers.

Three key points we like from Bigger Challenges & New Priorities Face Banking Industry:

  • For the second consecutive year, the survey found that  the industry’s biggest challenge is satisfying the demands of better-informed and less-loyal customers
  • 34% of retail bankers cite waning customer loyalty as their biggest challenge
  • Digital consumers are testing loyalty and increasing competition

Cost: FREE

35. The Digital Disruption in Banking
@Accenture

The Digital Disruption in Banking

Accenture is one of the world’s leading organizations for providing management consulting, technology, and outsourcing services. In their 2014 North American Consumer Digital Banking Survey, Accenture found that customer relationships at traditional banks are susceptible to disruption even though customers have been with their current banks for a decade or longer. The findings outlined in The Digital Disruption in Banking are critical for banking and financial institution executives looking to increase customer retention.

Three key points we like from The Digital Disruption in Banking:

  • Nearly 3/4 of American customers consider their banking relationship merely transactional
  • More than 50% of customers want their bank to proactively recommend products or services to meet their financial needs
  • More than 25% of customers likely would consider a branchless digital bank if they were to switch from their current bank

Cost: FREE

36. J.D. Power 2014 Retail Banking Study: Customer Satisfaction with Banks at All-Time High, but Areas of Weakness Signal Competitive Vulnerability
@JDPower

J.D. Power 2014 Retail Banking Study

The good news from the J.D. Power 2014 Retail Banking Study is that banks’ efforts to improve customer experiences has resulted in higher customer satisfaction with banks. The study also found, however, that midsize banks are not addressing the needs of key audience segments, including millennials and minorities, and that affluent customers remain the least-satisfied customer segment. Unsatisfied customers make banks and financial institutions vulnerable to customer attrition.

Three key points we like from J.D. Power 2014 Retail Banking Study: Customer Satisfaction with Banks at All-Time High, but Areas of Weakness Signal Competitive Vulnerability:

  • Midsize banks need to adjust to demographic shifts to retain customers in the fastest growing demographic groups: millennials and minorities
  • Banks are not meeting affluent customers’  expectations for personalized experiences
  • Among customers who have switched banks in the past 12 months, common reasons are poor customer services, branches in inconvenient locations, and uncompetitive interest rates

Cost: FREE

37. Loyalty Research Center – Financial Services
@LoyaltyResearch

Loyalty Research Center - Financial Services

Loyalty Research Center provides critical insights for clients and helps them develop successful business strategies. The research and insights they offer the financial services industry is especially important now, as banks and financial institutions face increased competition and customer retention challenges.

Three resources we like from Loyalty Research Center – Financial Services:

Cost: Both free and paid resources available

38. Trends and Opportunities in Financial Institution Loyalty
@FirstData

Trends and Opportunities in Financial Institution Loyalty

First Data works to make payments faster, easier, and more secure for merchants, financial institutions, and their customers. In this First Data white paper, Molly Plozay, First Data Vice President, analyzes the evolution of loyalty in financial institutions and explores two emerging forms of loyalty rewards programs in the financial services industry: merchant-funded rewards programs and relationship programs.

Three key points we like from Trends and Opportunities in Financial Institution Loyalty:

  • Emerging consumer trends will impact loyalty programs today and in the future
  • As customer loyalty evolves, banks and financial institutions need to evolve their loyalty programs into those that are more feasible, competitive, and prosperous
  • Mobile payments, universal commerce, and digital wallets are affecting loyalty programs

Cost: FREE

39. Building Customer Loyalty In a Cross-Channel World
@Experian

Building customer loyalty in a cross-channel world

Experian is a leading global information services company that provides data and analytical tools to clients on a global scale. Their white paper, Building Customer Loyalty in a Cross-Channel World, explains the importance of understanding customers’ unique needs, wants, and motivations to deliver customized experiences to boost customer retention.

Three key ideas we like from Building Customer Loyalty in a Cross-Channel World:

  • Determining which customers are brand loyalists
  • Overcoming traditional challenges of brand loyalty campaigns
  • The top 10 qualities of a successful cross-channel loyalty strategy

Cost: FREE

40. Banking on Total Relationships: Paving the Way for Customer Loyalty
@PeppersRogers

Banking on Total Relationships

In this white paper, Amine Jabali, managing partner for Peppers & Rogers Group’s North Gulf region, and Dr. Sandra Vela, director for Peppers & Rogers Grou’s North Gulf region, examine how total relationship loyalty increases banks’ bottom lines. As banks and financial institutions offer customers attractive and relevant rewards for building up their product and service portfolio through the right channels, customers are more satisfied and banks and financial institutions build loyal customers.

Three key points we like from Banking on Total Relationships: Paving the Way for Customer Loyalty:

  • Successful loyalty programs now focus on true customer engagement and brand affinity, rather than on frequency schemes
  • Banks and financial institutions need to approach loyalty marketing as a part of an integrated business strategy to successfully retain customers
  • Banks and financial institutions need to consider the various products, services, and channels their customers use to personalize customer experiences and foster total relationship loyalty

Cost: FREE

Infographics

41. Loyalty Rewards
@FISGlobal


Loyalty Rewards

Created by FIS Global Product Strategy Leader Troy Land, the Loyalty Rewards infographic clearly demonstrates the benefits of a reward card program. Banks and financial institutions especially can boost customer retention rates through loyalty reward card programs.

Three key statistics we like from Loyalty Rewards:

  • The North American loyalty market is estimated to be $54 billion and growing at 20% per year
  • Nearly 90% of Americans participate in some type of rewards program
  • 80% of credit card spend goes to a card with rewards

Cost: FREE

42. Banks Behind on Digital Customer Experience
@raconteur

Banks Behind on Customer Experience

This infographic and article are by freelance writer Hazel Davis, who contributes to the Financial Times, The Daily Telegraph, and The Guardian. Davis stresses the need for a customer service overhaul in the financial services sector so that banks and financial institutions can better meet consumer expectations and increase customer retention.

Three key statistics we like from Banks Behind on Digital Customer Experience:

  • 69% of consumers would provide personal information in exchange for more tailored financial advice
  • 67% of customers want more financial education
  • The top engagement driver for bank customers is a financial institution that invests in their financial wellbeing

Cost: FREE

43. How Sticky Are Your Customers?
@BFSbizfinancing
@adamtoporek

How Sticky Are Your Customers?

Business Financial Services (BFS) provides solutions for business needs and offers financing, tips, and resources to help small businesses. In their line of work, BFS understands the critical nature of customer retention, and that’s why they shared this infographic from Adam Toporek at the popular customer service blog, Customers That Stick.

Three key statistics we like from How Sticky Are Your Customers:

  • 78% of United States consumers said they have bailed on a transaction due to a poor service experience
  • 92% of consumers would go back to a company after a negative experience if they received an apology or correction from a supervisor or head office, were offered a discount, or were offered proof of enhanced customer service
  • 22% of consumers post a positive comment about an organization after it responded to a customer’s negative comment

Cost: FREE

44. Infographic: How to Improve Your NPS and Gain More Loyal Customers
@B2B_Insight

How to Improve Your NPS and Gain More Loyal Customers

B2B International are considered to be thought leaders in global business-to-business marketing research. Their customer retention infographic demonstrates the importance of the Net Promoter Score (NPS) in measuring customer loyalty.

Three key facts we like from Infographic: How to Improve Your NPS and Gain More Loyal Customers:

  • Best in class companies have an NPS of 50 to 80 and grow more rapidly than competitors
  • The average B2B company has an NPS of just 24
  • In order to improve NPS, banks and financial institutions should build relationships with customers, respond quickly to queries and problems, require less effort from people who do business with you, and build a strong brand

Cost: FREE

45. Infographic: The Blueprint for Successful Sales Transformation
@CEB_Challenger

The Blueprint for Successful Sales Transformation

From CEB, a leading member-based advisory company, this customer retention infographic relates how successful sales transformations are composed of three elements: insight, sales enablement, and talent. When banks and financial institutions employ the right sales and marketing methods, they have clear plans that lay a solid foundation for improving customer experiences and building customer retention rates.

Three key facts we like from Infographic: The Blueprint for Successful Sales Transformation:

  • Organizations with tightly-aligned sales and marketing had 36% higher customer retention rates and achieved 38% higher sales win rates
  • Aligning sales and marketing establishes a foundation that is critical for sustainable change and impact
  • Banks and financial institutions should embed insight into the sales experience and reinforce seller and manager skills for continued growth

Cost: FREE

46. The Loyalty Model Infographic
@LoyaltyResearch

The Loyalty Model Infographic

The Loyalty Model Infographic from the Loyalty Research Center visualizes the complexity of the Loyalty Model. The customer loyalty infographic addresses three key areas: the distribution of customers on the Loyalty scale, the reason for the distribution, and what banks and financial institutions can do about the distribution.

Three key facts we like from The Loyalty Model Infographic:

  • 30% of the total customer base is loyal and most likely to recommend, have the greatest share of spend, and have the highest retention
  • 50% of the total customer base is neutral and is likely to recommend, has a moderate share of spend, and has moderate retention rates
  • The variance in loyalty is due to customer needs, the bank and financial institutions’ performance, and the competitive environment

Cost: FREE

47. Infographic: Insurance Brand Loyalty Among Young Adults
@DatamonitorFS

Insurance brand loyalty among young adults

From Datamonitor Financial Analyst of General Insurance Stewart McEwan, this customer loyalty infographic provides some insight into the market’s youngest age group – 18 to 24 year olds. No demographic should be overlooked when considering customer retention, especially when considering long-term customer loyalty.

Three key statistics we like from Infographic: Insurance Brand Loyalty Among Young Adults:

  • 59% of young adults used a price comparison site to window shop ahead of buying either home contents or care insurance
  • 17% of young adults asked advice from friends and family ahead of purchasing car or home contents insurance
  • Young adults demand a combination of channels, requiring the reassurance of face-to-face as well as the convenience of online and social media

Cost: FREE

48. Infographic: Mobile Banking Critical to Customer Loyalty
@MobileMW

Mobile Banking Critical to Customer Loyalty

MobileMarketingWatch shares insights and information on “the pulse of the mobile marketing community.” In this customer loyalty infographic, Michael Essany, examines the findings of a Harris Interactive study conducted on behalf of yodel Interactive that shows banking convenience as a top reason customers stay with banks.

Three key statistics we like from Infographic: Mobile Banking Critical to Customer Loyalty:

  • 31% of U.S. adults have a bank account and use mobile banking
  • 1/3 of Americans with a smartphone access their banking information through their bank’s mobile app
  • Convenience, customer service, and lack of or low account fees rank as the top 3 reasons for staying with the current bank

Cost: FREE

Webinars

49. Transforming Customer Feedback into Customer Loyalty
@CRM

Transforming Customer Feedback into Customer Loyalty

Moderated by Bob Fernekees, publisher of CRM magazine, Transforming Customer Feedback into Customer Loyalty is a customer retention webinar that is appropriate for banks and financial institutions. The webinar features presenters Lori Dillon, Executive Vice President of Customer Experience and Brand Loyalty at Citizens Financial Group, and Matt Keenan, Vice President of Customer Relationship Management at Aptean.

Three key ideas we like from Transforming Customer Feedback into Customer Loyalty:

  • Learn how Citizens Financial Group reduced total customer complaints by 20% year over year
  • The importance and value of creating and maintaining a strategy for collecting, assessing, and answering customer feedback and inquiries in a timely manner
  • Strategies for improving customer service and customer loyalty

Cost: FREE

50. Deliver Experiences that Set Your Financial Institution Apart
@Neudesic

Deliver Experiences that Set Your Financial Institution Apart

Neudesic is a trusted technology partner in business innovation that delivers a clear competitive advantage. Deliver Experiences that Set Your Financial Institution Apart is their on-demand webinar that focuses on growing revenue, referrals, and relationships and is a useful customer retention resource for banks and financial institutions.

Three key ideas we like from Deliver Experiences that Set Your Financial Institution Apart:

  • Generate new business through customer referrals and incentives
  • Increase profits through targeted up-sell and cross-sell opportunities
  • Gain a 360-degree member view through core system and data integration

Cost: FREE

 

Data-Driven Solutions from NGDATA