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Customer Advocacy 2018: How Advocating For Customers Helps Financial Firms Drive Loyalty

US Customers Rate Their Banks, Credit Card Providers, Insurers, And Wealth Management Firms On Advocacy And Future Purchase Intent

December 24, 2018

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  • By Alyson Clarke
  • with Benjamin Ensor,
  • Piers Conway,
  • Cheryl Hart,
  • Sam Bartlett

Why Read This Brief

Customer advocacy — customers' perception that a firm does what's best for them, not just what's best for the firm's own bottom line — is a key driver of loyalty and future purchase intent at retail financial services firms. Firms that rate highly on customer advocacy are more likely to be considered for future purchases, while the lowest-rated firms are least likely to retain customers. Digital business strategy leaders need to show customers that their firm does what's right for them when they interact through digital and human touchpoints.

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Table of Contents

  • Growth In The Age Of The Customer Requires Customer Loyalty
  • Advocating For Customers Drives Loyalty And Future Purchase Intent
  • Member-Owned And Wealth Firms Are The Strongest Advocates
  • Leading Firms Demonstrate Advocacy In Four Key Areas
  • Recommendations

  • Deepen Your Share Of Wallet By Advocating For Your Customers
  • Supplemental Material
  • Related Research Documents

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