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Customer lifecycle management & increased targeting in retail Financial Services

Customer lifecycle management & increased targeting in retail Financial Services

Emma Jerome Market Insight

In the social media-driven landscape where retail financial services and products compete for today’s customer loyalties, customer lifecycle management (CLM) is becoming increasingly important. 

It is the key to turning a single purchase into a satisfying customer experience that ensures customer retention, recurring revenue and the word-of-mouth shared experiences that enable businesses to grow.

Financial services providers are in the spotlight due to the success that fintech and other challenger providers have had in improving customer service and targeting underserved segments of the market. 

Only half of the respondents in a PwC survey (53%) believe their banks are consumer-centric, compared with over 80% for fintech. A focus of attention in the race to improve customer experience (CX) in 2020 will be to develop ways to deepen customer engagement with brands and to create brand advocates. Similarly, understanding how CX fits into the overall brand and business strategy and ensuring it provides a good ROI for the business through analytics and interactive testing is all part of the package.

This is an extract from our 2020 Global Global Financial Services Marketing Insight Report. The report highlights the latest marketing trends within the industry across the jurisdictions we cover: the UK, Germany, MENA, Asia and Australia. Download the full report by completing the form below.

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