Inside the lifecycle of a financial services customer, in 4 charts
- With increasing commoditization of banking products, marketing becomes even more important.
- A new study looks at how the best firms acquire, retain, and keep customers loyal.
For the most part, core banking products like debit cards and bank accounts all look pretty much the same. This means banks, asset managers and upstart fintechs are all competing over similar customers with similar product. In a world of increasing feature convergence, marketing acquisition, retention and loyalty become competitive advantages.
Yes Marketing recently published a whitepaper Inside the Lifecycle of the Financial Services Consumer: Guiding Customers Through Acquisition, Retention and Loyalty. The firm surveyed 1,000 financial services customers in April 2019 in order to understand what drives consumers to become new customers, why they stay with a financial services company, and why they become loyal for the long-haul.
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