Trends Report

Customer Advocacy 2019: 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

February 3rd, 2020
AP
August du Pont
With contributors:
Stephen Powers , Corrado Loreto , Sam Bartlett

Summary

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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