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Jack Welch, the former chairman and CEO of General Electric, once said, “An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.”

This statement has never been more valid.

Few industries have undergone as much change as banking has over the past decade. The eruption of mobile technology and a worldwide financial crisis that shook consumer confidence have altered how customers interact with their banks. More customers are visiting local bank branches less and less frequently. And with finch companies stealing market share, banks have yet to find an equally good way of drawing in new customers.”

Gathering the right data and using it to win new business has never been more important.

Luckily, banks possess more consumer data than almost any other segment of corporate America. Thanks to new regulations and the wider use of online and mobile banking, that data extends beyond personal profiles and credit histories to include borrowing and saving behavior detailed portraits regarding where and how people spend their time and money.

And few institutions are as trusted as banks when it comes to protecting that data.

The challenge is not just collecting the data, but using it to attract new business and keep it.

That may mean abandoning the old “spray and pray” marketing campaigns that blanket broad customer segments with the same messages in favor of a more targeted and cost-effective approach. Data can show which promotions are working, and which ones aren’t working to attract profitable customers who will do business with you for years to come.

That same data, meanwhile, can develop products tailored to what consumers want and need, foster new mobile services and even develop better ways to detect fraud and determine a customer’s creditworthiness.

The next challenge? Keeping those new customers by devoting efforts toward strong customer service in the hopes that customer satisfaction evolves into a long and loyal relationship. That means providing for their basic needs, meeting expectations and monitoring how satisfied these customers are with your bank, while laboring to develop deeper relationships with those same customers.

Unfortunately, the tools banks most often used to gauge customer satisfaction and loyalty offer little real information into why customers stay with a bank (or leave) and how deep their loyalty goes. (A promoter score, for example, asks a single question about whether a customer would recommend a bank. There isn’t much information to be gleaned from that.) And more than eight out of every 10 customers regard their relationship with their bank as transactional, creating a huge hurtle towards developing those deeper customer relationships.

But hurtles were made to be cleared.

 

For more information on Informa Research Services' customer engagement and loyalty research and The SEA Score™ program, contact us at 800.848.0218 or email info@informars.com.

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