Case Study

Retention Is Not Enough: Banks Must Build Emotion-Rich Relationships To Grow

May 14th, 2020
Dipanjan Chatterjee, VP, Principal Analyst
Dipanjan Chatterjee VP, Principal Analyst
Peter Wannemacher, Principal Analyst
Peter Wannemacher Principal Analyst
With contributors:
Mike Proulx , Keith Johnston , Alex Schanne , Nick Monroe , Piers Conway , Rachel Birrell

Summary

Banks have had a great run: For nearly a century, they’ve played an essential and highly visible role in people’s lives, and most have consistently made tidy profits as a result. But many customers think of banks as undifferentiated, and a fast-growing crop of disruptors is threatening bank brands’ relevance. The primary danger for banks isn’t a spike in attrition, so customer retention won’t be enough to address these threats. Instead, bank CMOs must drive sustained, profitable growth by focusing on three emotional “territories” as they redefine their relationships with customers.

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