Four principles for capturing customer value

The last five to seven years in retail banking have been dominated by the arrival of omnichannel, that is, a bank’s ability to allow the customer to pull a tailored customer interaction through the customer’s preferred combination of channels. While well-intentioned, this “everywhere to everyone at any time” approach has led to unwieldy channel transformation programs leaving Read More

By |2020-05-27T18:00:17-05:00November 6th, 2015|Comments Off on Four principles for capturing customer value

Cam Marston on banking the Millennials

Bankers well understand the importance of the Millennials (born 1980 to 2000) to their future business. They are, after all, the next generation coming through the pipeline, following Generation X (1965-1979) and the Baby Boomers (1946-1964). Understanding how to relate to the Millennials, however, both as customers and as employees, has proven to be more difficult, given Read More

By |2020-05-27T18:00:18-05:00October 5th, 2015|Comments Off on Cam Marston on banking the Millennials

Serving the underbanked with short term loans

Financial institutions are primarily focused on meeting the needs of Americans that fit into certain demographics. The rest of the population ends up as the underbanked – consumers with needs viewed as too costly, too risky or too difficult to serve. According to the FDIC, the collective population of underbanked Americans is approximately 34.4 million households, more Read More

By |2020-05-27T18:00:31-05:00August 5th, 2015|Comments Off on Serving the underbanked with short term loans

Flexibility is key in segmenting customer groups

Financial institutions are under immense pressure to find new ways to acquire customers, strengthen and grow existing customer relationships and generate revenue. Understanding what motivates different customer groups is critical for designing and delivering products and services that satisfy these objectives. To dig deeper into this, Saylent commissioned a study to assess consumer and small business banking Read More

By |2020-05-27T18:00:31-05:00July 15th, 2015|Comments Off on Flexibility is key in segmenting customer groups

Delighting customers with pivotal events

Although banks have continually sought to offer better products and prices to improve the customer experience, since the financial crisis many have been hampered in these efforts by regulatory burdens and a cost-cutting mindset. The inability to devote sufficient resources to delighting customers is a paradox, because banks have a real need to attract new customers and Read More

By |2020-05-27T18:00:32-05:00June 15th, 2015|Comments Off on Delighting customers with pivotal events

Digital strategies for personalized customer experience

In the not-too-distant past, tellers at local branches were the main touch point between banks and their customers and were able to offer personalized service. Now, however, mobile and online banking have reduced the human interaction customers have with their financial institutions. Under these circumstances, how do banks create a personalized customer experience as a key competitive Read More

By |2020-05-27T18:00:32-05:00June 10th, 2015|Comments Off on Digital strategies for personalized customer experience

Big data meets improved customer experience in 2015

Two of the more high profile themes in retail banking last year were improving the customer experience and big data. 2015 is the year when we’ll see these topics merge. That said, many banks will stumble in their efforts to use big data to achieve a higher state of customer understanding, or even the less lofty goal of a slightly Read More

By |2020-05-27T18:00:37-05:00January 28th, 2015|Comments Off on Big data meets improved customer experience in 2015

Five Steps to Brand Power for Banks

Brand equity is well-trod territory in many industries. A notable exception? Retail banking. It’s not that banks don’t have brand equity; rather it is that the brand equity of the banking industry overall – and key individual players – diverges significantly from what it could be. Let’s remember that brand equity is strategic, an asset that can Read More

By |2020-05-27T18:00:38-05:00December 8th, 2014|Comments Off on Five Steps to Brand Power for Banks

Making customer data work for the customer

No doubt “big data” is one of the most popular terms in banking discussions and has even seeped into consumers’ frame of reference. Who hasn’t noticed when the ads on a website eerily mimic your recent Internet search history? While it’s talked about ad-nauseam, many banks still struggle with how to leverage the vast amounts of information Read More

By |2020-05-27T18:00:38-05:00December 3rd, 2014|Comments Off on Making customer data work for the customer

Simple Segmentation for Improved Sales

We live in an age of “big data” but sometimes this amounts to data overload. What we really need is more usable data that can translate into better customer service, improved sales, and greater profitability. One very effective way to organize data is to group customers or prospects into segments. The old saying “birds of a feather Read More

By |2020-05-27T18:00:39-05:00November 7th, 2014|Comments Off on Simple Segmentation for Improved Sales