Phoenix Synergistics: Building Customer Loyalty
Following the COVID-19 pandemic, where will financial institutions (FIs) stand with their customers in terms of trust and loyalty? The pandemic put millions of Americans out of work and started a global recession. Can financial-wellness programs designed to help customers recover from the financial effects of the COVID-19 pandemic grow FI customer loyalty?
What other elements may be contributing to customer loyalty—customer service, rewards programs, and channels? Do consumers see exceptional customer service as a value-added feature or an expectation? Many providers offer reward programs to keep their customers using the institution’s products and services—but has the rewards formula shifted in terms of earning categories and offering personalized rewards? Today’s customers demand 24/7 access to their accounts and services through the channels that mesh best with their lifestyles. Some industry watchers believe that usage of channels, particularly online and mobile options, creates “stickiness” in customer relationships. Branch location has typically been important in account acquisition—but what role will branches now play in customer retention in light of new personal digital options, such as text and video chat? How important are personalized communication programs in instilling customer loyalty?
Winning the loyalty of customers can provide a lifetime of opportunities for cross-selling and broadening relationships. Understanding the drivers of consumer loyalty is essential in developing and implementing successful acquisition and retention strategies.
This study examines customer loyalty to financial institutions and assesses key drivers of customer loyalty, including customer service, rewards, communication, and channels.
National survey – The survey will include 2,000 online interviews with consumer financial decision makers age 18 or older.
Clients will have the opportunity to review the questionnaire and provide comments. The cut-off date for client input is October 8, 2021.
The final report, available in late December 2021, includes a Strategic Insights commentary and executive summary, a Competitive Intelligence section, and full survey results section.