Increasing competition, rising expectations, and customer retention are top banking concerns according to Landy Wingard with Hitachi Solutions.
"The threat posed by FinTechs, which typically target some of the most profitable areas in financial services, is significant...
Today’s consumer is smarter, savvier, and more informed than ever before and expects a high degree of personalization and convenience out of their banking experience.
Financial services customers expect personalized and meaningful experiences through simple and intuitive interfaces on any device, anywhere, and at any time.”
Read Landy Wingard's full article here for a deeper dive into 10 banking industry challenges.
Customer loyalty is not only still possible but vital to maintaining relevancy for modern customers. An ongoing positive relationship between a customer and a business is what drives repeat purchases. Your loyal customers will choose your company over a competitor offering similar benefits.
In an Accenture Financial Services global study of nearly 33,000 banking customers spanning 18 markets, 49% of respondents indicated that customer service drives loyalty.
By knowing the customer and engaging with them accordingly, financial institutions can optimize interactions that result in increased customer satisfaction. This will have a noticeable impact on decreasing customer churn.
You need a good CRM partner that can put all of your customer's information into one place to help you deliver your best service and remain relevant.
Use your CRM to contact customers at various milestones along the customer journey. Look for patterns of satisfied and dissatisfied customers so you can contact accordingly. Your loyal customers aren't experts on your product and service offerings, so it's up to you to tell them. You've got solutions.
When done properly, you will reap the benefits of a happy, loyal customer base thanks to a knowledgeable, coordinated sales team.
Request your Demo
The best way to experience the Quest Analytics solution is to see it in action with a live demonstration. Our community banking CRM is right-sized for your needs.
During the demo, we can focus on the areas that are most important to your institution as well as discuss how we have helped other banks and credit unions just like yours to grow, retain, and enhance customer relationships.