Acquisition Trends: Customer-Centric Focus Beats Bank Products

A recent study that examined the bank shopping and selection process of nearly 8,000 banking customers found that a bank’s brand image was the most important factor in a customer’s shopping process. Brand image included customer-centric characteristics such as personal service, proactive communications and an overall customer-driven strategy. A bank’s location was the second most important factor, followed by the bank’s products and services.

Source: J.D. Power and Associates 2009 Retail Bank Shopping Study^SM

Study Shows That Clear Communication Can Increase Loyalty

A new study of 400 financial services consumers showed that direct mail pieces can affect how customers perceive your bank during tough economic times.

The study found that the banks that communicated openly and clearly about significant changes, such as a rise in interest rates or other changes in terms, could actually increase a customer’s trust and loyalty level. The key, according to the consumers surveyed, was the perception that a financial institution was being “honest” and “forthcoming” about difficult situations.

Source: Siegel+Gale’s 2009 Simplicity Survey

Satisfaction Surveys Rank First Among Feedback Options

A recent survey shows how U.S. companies are gathering customer feedback in today’s retail marketplace:

Source: 1to1 Media 2009 Voice of the Customer Survey

For ROI, CRM Outperforms the Rest

Marketers recently surveyed by the Chartered Institute of Marketing said they believe customer relationship management (CRM) delivers the best ROI of all available marketing tactics. The second-highest ROI rating came from public relations, with print advertising ranking last.

Source: Chartered Institute of Marketing’s 2009 Marketing Trends Survey