Emotions, engagement and data: New ways to make day-to-day retail banking pay

20 November 2014
There are increasing ways that banks can use their frequency of customer contact to shape and influence behaviour to drive loyalty and revenue. Research commissioned by Collinson, formerly ICLP and Forrester[1], identified that out of all the different loyalty programmes available, 68% of consumers said they would value a banking loyalty programme the most. However, only 15% of this group are actually members of programmes operated by their bank. That the gap between consumer need and bank action is so wide is clear evidence of untapped potential for the banking industry. The presence of a reward programme will however not generate deep customer relationships on its own. Programmes help drive 'transactional' customer contact, but, emotional loyalty, which is what brands should strive for, takes more than rewards - it requires customer engagement.  What's more, this deeper level of engagement can generate the richer insights which drive real business value…

Read the full article: The Digital Banking Club

For more information please contact: PR@collinsongroup.com.

[1] Forrester online survey on behalf of Collinson, formerly ICLP Plc, August 2012