Financial institutions invest hundreds of thousands of dollars on media, marketing communication and even sign-up bonuses to acquire customers. They do this with the premise that they have the capacity to cross-sell, up-sell, and deepen loyalty and relationship with their customers. And as a result, derive value from customers on an ongoing basis.

How to provide value to customers?

Financial institutions invest hundreds of thousands of dollars on media, marketing communication and even sign-up bonuses to acquire customers. They do this with the premise that they have the capacity to cross-sell, up-sell, and deepen loyalty and relationship with their customers. And as a result, derive value from customers on an ongoing basis.

Once the customers get onboarded, they start leaving behind enough clues about themselves. Even stuff that customers would be unwilling to share with almost anyone else.

What do you mean by customer value?

Financial firms also have the tools and capability to invest into analyzing all this data and taking actions based on the insights derived.

The Power of Digital Marketing Tools for Financial Institutions

Customers also have continuous evolving financial needs. Some months they need cash. Some months they need credit. Sometimes convenience matters. Sometimes the assurance of knowing that bills are automatically paid is good. Sometimes they need more returns. Life needs ensure that customers are always in need to engage with their financial firms.

To sum up, customers have needs. They also share their needs to their financial firms. Financial services firms have the tools and the appetite. To know, understand and grow customer value.

Customers also have continuous evolving financial needs. Some months they need cash. Some months they need credit. Sometimes convenience matters. Sometimes the assurance of knowing that bills are automatically paid is good. Sometimes they need more returns. Life needs ensure that customers are always in need to engage with their financial firms.

How do you do a needs analysis

To sum up, customers have needs. They also share their needs to their financial firms. Financial services firms have the tools and the appetite. To know, understand and grow customer value.

Yet, all evidence points to the contrary. Customers just don't have a deep and abiding relationship with their financial services providers. In fact, many customers think that their financial institutions are fungible. As a result, financial firms continuously leak opportunities to grow revenues and loyalty.

Customer Service Strategies for Banks and Financial Services

What should banks do to change the situation? Why can't a bank get the same commitment from customers that they give Google?

Customer relationship management in banking
Ways to Improve Your Bank or Credit Union's Customer Service

There is a fundamental reason for this: Banks are good at responding to customer-initiated transactions, but not good at anticipating customer needs and proactively engaging with each of them. Customers don't want to tell their bank that they want to open a time deposit. They want their bank to recommend a time deposit to them when they really need it. They don't want to ask their bank for a credit line. They want their bank to offer one when they need it.

Customers used to instant gratification, simulcast signals and intelligent interactions from brands such as Google, or Amazon, or Facebook, obviously feel that their bank is passive and simply responds to customers rather than anticipating and delivering value.

There is a fundamental reason for this: Banks are good at responding to customer-initiated transactions, but not good at anticipating customer needs and proactively engaging with each of them. Customers don't want to tell their bank that they want to open a time deposit. They want their bank to recommend a time deposit to them when they really need it. They don't want to ask their bank for a credit line. They want their bank to offer one when they need it.

How Banks Can Improve Customer Experience

Customers used to instant gratification, simulcast signals and intelligent interactions from brands such as Google, or Amazon, or Facebook, obviously feel that their bank is passive and simply responds to customers rather than anticipating and delivering value.

That is how an ideal bank should be. Continuously sensitive to changing customer needs. Always recommending and delivering products and services of need to each customer. Simulcasting to customers. Making adoption easy.

Service marketing in banking

That is what the Customer Value Maximization platform delivers. It transforms financial firms into prescient, always-connected, continuously-engaged entities. In the process continuously growing customer engagement, satisfaction and revenues.

That is what the Customer Value Maximization platform delivers. It transforms financial firms into prescient, always-connected, continuously-engaged entities. In the process continuously growing customer engagement, satisfaction and revenues.

Platform to engaging customers in banking
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Answer 7 questions to figure out how well you are maximizing customer value.

Do you continuously engage with every customer in your portfolio – even when they don’t visit your branches – not just to wish Happy Birthday or Merry Christmas, but to truly grow value?


Is every non-branch interaction with your customers intelligent enough to consider relationship history, relationship value and customer exhibited behavioral traits and preferences? Every single interaction?


Do you know which customer to include and exclude, when to do so, and with what message, when you want them to buy your products and services? Do you do this without offline / online spamming?


Is there a clearly articulated strategy, understood by everyone? Is it being implemented by all stakeholders cohesively working together, to maximize customer value?


Do you proactively arrest customer value decline, even when customers don’t yell, or send stinkers to support? For example, when card spends decline steeply, do you auto-activate those customers?


Can you do all the above by clicking a few buttons – without investing in an army of IT, Analytics, Marketing and Product Managers?


To sum up, do you continuously grow customer value – measured on both revenue and relationship dimensions – evidenced by portfolio revenue and business value metrics?

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