Encouraging loyalty and retention within Financial Services

The emergence of online comparison sites over the past 15 years has given customers a wider choice when buying financial products online (insurance being a classic example). For brands this means it’s increasingly difficult to connect with customers to provide a positive brand experience. The customer experience is one of the biggest factors for encouraging loyalty and retention.

How can brands improve loyalty and retention?

Developing a predictive customer journey, data-driven model will clearly show how customers really behave and reveal patterns and trends that can highlight who customers are, and when then leave – providing the opportunity to interact with them before they do so.

Acting positively in response to customer needs will improve the customer’s experience. Key triggers for financial decisions such as moving home and retiring, and insight into financial holdings and attitudes, can help brands engage customers with the most relevant offers and information.

Happy and loyal customers

Customer experience is crucial and brands that can ensure their communications are relevant, personal and well-timed will be more successful at keeping customers happy and increasing customer loyalty.

However, it’s not all about discounting and price. Financial services businesses should consider defining those seeking a higher level of service and whether they would be willing to pay more for it. It could well be that in today’s instant online world certain customer segments want reassurance, guidance and increased security and don’t mind paying a little more for it.