Customer Advocacy 2022: How Advocating For Customers Helps Financial Firms Drive Loyalty

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. Customers who rate firms highly on advocacy are more likely to consider future purchases with those firms. The lowest-rated firms are least likely to retain customers. Digital business and customer experience (CX) leaders need to show customers that their firm does what’s right for them when they interact through digital and human touchpoints.