What's the value proposition of branches for banks and credit unions amidst changing customer needs and expectations? Our team considers new strategic roles for FIs' physical footprints.
Recognizing milestone events—like member birthdays or anniversaries—not only promotes loyalty but also shows appreciation. As Competiscan’s Senior Director of Insights Jessica Duncan explains, customer appreciation has always been a best practice, but it picked up even more momentum this year.
Checking accounts still sit at the core of the banking relationship, and so FIs continue to compete on benefits, features, digital options, level of servicing and more, resulting in brand new iterations of a traditional product.
Customer perceptions about credit card communications are likely a source of dissatisfaction, says JD Power. Here's what we found!
How do you know when you’re “ready” for a rebrand? For Citizens Bank, it was when their customer data told them so. We take a look at how “Made Ready” targets a new kind of customer journey and builds emotional affinity for the brand.
Customers want innovation in loyalty and rewards, but most credit unions are not prioritizing these programs. Beyond an ability to meet customer expectations, there are many reasons CUs should change this right now and give loyalty and rewards more attention.
While many financial institutions attempt to market life stage banking products/services and implement effective migration strategies we haven’t seen any do so as clearly and effectively – or in such a “productified” way – as Bank of America.
When it comes to current messaging, most FIs promote Alexa skills and proprietary chatbots as convenient ways to access basic account information and conduct simple transactions, but in the future we’re likely to see greater emphasis on customer relationships and consumer engagement.
With deep market saturation, continual launch of new programs and reinvention of existing programs, there is a high degree of churn and upward pressure on brands' credit card reward programs. However, these marketing communications create opportunities to build customer loyalty.
Banks need to create better onboarding experiences, warns ABA Bank Marketing. In a recent article citing retail banking data, Sean McDade writes, “Your newest customers are the most unhappy and the most at risk.”
