Lenders are having to contend with the issue of decreasing customer loyalty, as customers shop around more and switch providers more often. So how should lenders look to maintain customer loyalty and what do customers look for when considering switching providers? Moreover, which lenders are addressing this challenge successfully?
Scope of this title: Looks at the key drivers of customer loyalty and its state across European retail banking markets. Analyzes which factors are most important to customers when considering staying with or switching providers. Provides a number of case studies of the lenders that are succeeding in the customer retention and/or acquisition areas.
Highlights of this title: Branch managers surveyed believed that an increase in consumer awareness and the growth in online banking are the principal reasons for customers shopping around more than they used to a few years ago. Allied Irish Bank’s ‘be’ credit card is particularly effective in both customer acquisition and retention; by firstly offering a highly competitive discounted APR and then by varying the APR by how much customers spend after a period of twelve months. Banco Popular in Spain excels in cross-selling to existing customers as a way to build up customer loyalty. Unlike its larger competitors, the bank uses CRM systems, its brand image, and customer service to cross-sell products. Such a strategy has been highly successful for the bank, which is now known for its ongoing success in cross-selling.
Reasons to order your copy: - Gain a thorough understanding of the customer retention issues lenders are facing and what they are doing about it. - Identify and evaluate the most successful strategies in retention and acquisition in your market. - Understand where the opportunities lie in customer retention and acquisition and what you can do about it.
