Learn three proven strategies to attract and retain customers in financial services. Drive engagement, build trust, and grow your business.
The financial sector now relies on proactive engagement based on consumer requirements and behaviors as well as customer engagement that offers individualized experiences due to the broad adoption of technologies.
Financial services companies may be forced to concentrate on revenue growth, client loyalty, and customer retention as a result of this abrupt move towards digitization, which could turbocharge customer engagement initiatives.
In today’s blog, we will run through some of the best approaches that financial services companies can offer to their valued customers that can strengthen their customer base and boost better sales.
Table of Contents
1. Loyalty & Reward Programs Aligning with Brand Partners
2. Understand the Customer Journey
3. Personalised Customer Experience
1. Loyalty & Reward Programs Aligning with Brand Partners
In the 21st century, loyalty and reward programs aid customer engagement for financial services businesses that eventually lead to better visibility of your loyal customers. It’s time you should consider developing loyalty through strategic partnerships and partner with retailers to offer your customers discounted pricing on their products when they use your service. Barclays’ loyalty program gives customers up to 10% cash back at more than 200 retail partners. This allows customers to make purchases using their Barclays accounts but also to interact with a larger variety of brand products and services.
2. Understand the Customer Journey
It’s time for financial services businesses to work on the customer journey to get a hang of effectively engaging their customers by focusing more on their needs and what actually resonates with them. This information will come quite in handy to you to design campaigns and provide consumers with more personalized experiences, and to win their loyalty.
Further, by creating a customer journey map, you can analyze every customer interaction and help them make informed decisions about their finances. However, in this buying phase, make sure that the customer experience provides transparent communication, personalized deals, and user-friendly resources.
3. Personalised Customer Experience
Banks often approach customer experience optimization as a series of random customer problems that need to be resolved. However, adopting such a narrow focus on the customer experience results in ineffective solutions that fail to address the underlying causes of customers’ complaints. In recent times, financial organizations such as Barclays (Blue Rewards) and CitiBank (ThankYou Rewards) provide hyper-personalized experiences to their customers that improve consumer spending by 41%.In the 21st century, financial institutions must create a customer-centric environment, and this digital transformation will provide a unique opportunity for everyone partnered with the financial industry. Companies that manage to strike a good balance between these elements will have the best chance to make way in this highly competitive market.
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