Experience Investigators by 360Connext
APRIL 23, 2024
This loyalty translates into substantial financial benefits, as loyal customers are not only more likely to make repeat purchases but also to advocate for the brand, thereby increasing referrals and sales. For instance, referred customers at a German bank were found to be 25% more profitable than those acquired through other channels.
West Monroe
JULY 30, 2023
In our 2023 Outlook: The Future of the Banking Industry , we anticipated murky waters and a rising need for the use of digital solutions to better evaluate profitability, identify key customer touchpoints, and work to prevent deposit outflows and overconcentration. This urgency has only increased.
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West Monroe
DECEMBER 6, 2022
An uncertain economy—highlighted by high inflation and increased cost of lending—will force banks to pivot to build momentum and provide high-quality customer experiences in 2023. Banks must find ways to meet their customers where they are, with precisely what they need, at the right time. 2-Minute Takedown.
Pointillist
MARCH 20, 2019
By Swati Sahai The importance of calculating your customer experience ROI cannot be overstated—how will you build, measure and regularly optimize your customer experience efforts if you don’t know the return on your CX investments? But the revenue impact of customer satisfaction can and must be measured.
Currency Alliance
JUNE 11, 2019
A 2018 Collinson study reported that 66% of financial services professionals say their bank “does not understand why customers are loyal or have a strategy to strengthen customer relationships”[i]. People are more likely to leave their spouse than their bank[ii], so it might seem that banks have no case to answer.
Beyond Philosophy
NOVEMBER 10, 2014
According to Marketing Metrics , you have a much higher probability to sell your existing customers than a new prospect, at 60 to 70% versus 5 to 20%, respectively. That’s a much bigger chance that you are going to get to yes if you have a loyal customer base to ask for the order.
Currency Alliance
APRIL 15, 2024
A high-frequency business, on the other hand, such as grocery stores, banks, and payment card issuers etc, do have sufficient customer frequency, with many customers returning every week. These brands, however, aren’t that exciting to most customers. Consider the example of a retailer (i.e.,
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