For Financial Services Professionals

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September 14, 2004 Earning The Loyalty Of Banking Customers by Ron Shevlin with Bill Doyle, Adele Sage

This is an excerpt

Executive Summary

Consumers are satisfied with their banks and few have any plans to switch. But that doesn't mean they're loyal. Loyal customers buy more products from their bank. But less than one-third of the average bank's customers intend to consider the bank for future purchases. To earn the loyalty of customers, banks must do more than offer the best rates and fees — they need to connect emotionally with customers. How? By demonstrating customer advocacy in service and sales interactions.

TABLE OF CONTENTS

• Consumers Are Satisfied With — But Not Loyal To — Their Banks
• Banks Don't Make An Emotional Connection With Customers
• Advocacy Is The Story Banks Want Their Customers To Tell Themselves
• There Are No Quick Fixes For Earning Customer Loyalty
• Supplemental Material
• Related Research Documents

This is an excerpt