The industry assumption that simply improving multiple product holdings will boost retention rates no longer holds. Changing needs of consumers as well as ongoing technological advancements mean that providers must reassess their cross-sell strategies in order to drive profit through a more holistic approach to retention.
Scope
- Using data from our global FSCI survey, this report evaluates the drivers of customer retention
- The report discusses trends and developments in consumer needs and providers' capabilities and how these can drive a successful strategy
- The report provides concrete actions for providers to create a holistic approach to customer engagement in order to boost retention levels
Highlights of this title
In assessing the impact that multiple product holdings have on a consumers' likelihood to change their primary bank, Datamonitor has found that contrary to industry assumptions a direct and simplistic link between product holding and intention to stay with a bank cannot be made.
While it is understandable that those who believe that economic conditions have worsened are more likely to now shop around more for their FS products, it is those who believe that economic conditions in their country have actually improved who are the most likely to shop around more now.
Generations X and Y have grown up in an increasingly technological world and this has had many implications for the way they view the FS space, both in the commoditization of products, but also in their personal interaction and communication preferences.
Key reasons to purchase this title
- Access the results of Global FS Consumer Insight survey in order to identify the drivers of customer retention
- Identify why cross-selling strategies must be reassessed as a result of changing consumer needs
- Identify strategies you can take to create a more holistic approach to customer engagement and effectively gain greater share of wallet
