Fulcrum Releases Findings from 2008 Banking Study
June 02, 2008
Fulcrum, a provider of advanced analytics, technology and program solutions, has announced findings from its 2008 Banking Study, an incisive look into consumer relationships with banks and the steps that banks should take to protect and grow those relationships, specifically in a challenging market.
Conducted during the first quarter of 2008, the survey compares how people use and perceive their primary bank versus the largest five banks in the U.S.
Fulcrum then took a deeper look by applying leading edge analytics to that data to discover key drivers of satisfaction, additional product purchases and willingness to recommend.
The findings provided valuable insights into customers’ interest in receiving bank communications, reaching the lucrative “boomer” market, the critical importance of good service, and prioritizing marketing communications spending by prospects’ current and future value.
The survey also found that a surprising amount of customers welcome and rely on their banks offering them information on additional financial products, accepting these messages as educational and a form of customer care.
Also highlighted by the survey is the fact that people rank their current primary bank two to three times more favorable than big bank brands. The survey also found that banks are balancing loyalty measures with self-service to retain valuable customers.
According to the survey, creating relevant marketing messages for life-stage as well as affluence to address a wide range of customer motivators by specific audience segments was important for banks. These institutions must also understand that stewardship of consumers’ finances, rather than solely convenience and price can be an important brand attribute.
"Financial institutions can gain a competitive advantage in this tight market by taking a new look at the opportunities and challenges of their customer relationships," said David King, chief executive officer of Fulcrum, in a Monday statement.
"As this study shows, banks that better understanding the range of their customers' needs can maximize their investment with relevant messaging for different services and products to which customers respond with genuine interest."
Financial institutions are under greater pressure than many organizations as consumer expect more than just good customer service because they are making a purchase.
Consumers trust these institutions with their money – a key emotional driver that can generate significant action if the consumer feels as though their money is not being handled properly.
Given this increased pressure for performance, financial institutions must look intently at the habits and preferences of customers to better understand how to cater to their needs to deliver an exceptional experience.
