November 25, 2008

How The Financial Crisis Will Affect Bank Customer Loyalty

Big US Banks Need To Demonstrate Customer Advocacy Now More Than Ever

This is the third document in the "Surviving The Financial Crisis" series.

by Bill Doyle

with Peter Wannemacher, Courtney Tincher

Executive Summary (This is a document excerpt)

Customer advocacy scores are down this year as the financial crisis takes its toll. Low customer advocacy scores are bad news for any firm that wants to deepen relationships with existing customers. They're especially bad news for the three biggest US banks, which have grown by acquisition during the current crisis and must now master the art of organic growth. If big banks don't improve their bottom-of-the-pack customer advocacy scores, rival firms like local banks and direct brokerages will grab more of their customers' business.

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