Cognizant study finds financial institutions can strengthen relationships by focusing on customers’ longer-term, ‘slow money’ concerns.
Even simple segmentation approaches can yield substantial results if implemented with disciplined execution.
Engaging with digitally-savvy mass affluent customers requires that banks lead with digital tools, say BAI Retail Delivery 2014 panelists.
Marketing to the emerging affluent customer segment requires a holistic digital banking experience that captures relevant personal financial data.
Financial institutions are faced with a strategic dilemma: how to manage the polarity of customer needs without alienating one group or the other.
Bankers looking to increase their share of the mass affluent market should focus on the younger segment of that market, who are more inclined to work with banks.
While low-income customers, like anyone else, can be turned off by bank fees, making those fees less unpredictable can help keep those customers with the bank.
Once regarded as a necessary but decidedly unglamorous back office operation, Collections has emerged as a tool banks can utilize to retain customers.