Customer Loyalty Is Not What It Used to Be
Customer satisfaction and loyalty are now top goals for many financial institutions, in large part because conventional wisdom suggests that higher degrees of satisfaction and loyalty will translate into new business opportunities (including a greater share of their customer’s wallet and referrals). However, the recent demographic shift to digitally-literate younger customers now poses questions with respect to the industry’s belief.
Are Your Customers Being “Served”?
In October 2013, American Express “re-launched” Serve– a prepaid debit card purportedly targeted towards the financially underserved. On June 4, 2014, American Express premiered its short movie Spent: Looking for Change – a 40-minute narrative focusing on those shut out, or at the margins of the traditional banking system.
Will Your Investment in Technology Pay Off?
With the ongoing delivery channel proliferation across the financial services industry, bankers continue to ask: Will my investment in the new technologies ever payoff? In order to justify past, present and future capital outlays, the following rationales are offered to inquiring financial institution executives.
Being Prepared for Rising Interest Rates
At the height of our country’s financial crisis, the Federal Reserve’s Federal Open Market Committee (FOMC) adopted the policy of “quantitative easing” where it (a quasi-political arm of our federal government) goes into the marketplace to buy long-dated securities and mortgage-backed bonds to directly lower their interest rates. To be sure, this policy which adheres to macroeconomic theory helped end our country’s economic collapse in 2009 and may have helped keep our economy muddling along in the ensuing years.
Recorded Webinar: New Competition for the Primary Relationship
Hear Bob O’Meara, vice president of research, as he looks at how overdraft behavior has changed in the years following “opt-in” requirements and consumers’ utilization and interest in using a mobile bank account for a primary or secondary household checking account.
Recorded Webinar: Loan Demand in the Recovery
Hear Bob O’Meara, vice president of research, as he examines consumer responses to pressing questions regarding current lending issues and looks at what loan potential exists today.
Wealth Management: A Key to Improved Performance
This post will examine an area that we view as a tremendous opportunity for financial institutions – wealth management. There are three reasons why wealth management services should be moving towards the top of management priorities.