IBM start off well, but disappoint in the end with this paper. the benefits of ‘Unlocking customer advocacy’ are outlined, and the importance of measurement, yet little on how to do that.
We consistently hear banks touting their commitment to being customer friendly and going the extra mile for their customers. Accordingly, branches are once again in vogue, and executives have declared that improving the customer experience is the priority for the organization. As mergers and acquisitions become less attractive, leading financial institutions look increasingly to their existing customer base for growth. Critical organic growth measures – cross-sell, retention and new customer acquisition – dominate nearly every retail banks agenda. However, many banks have yet to identify the right mix of customers, marketing and sales programs, employee incentives, and process and technology improvements to produce higher returns. Despite significant investment, the largest banks are not well positioned for organic growth: our research shows the majority of customers will be reluctant to commit to a deeper relationship as a consequence of their prior cumulative experience with the bank.
pdf here
IBM go on to outline six characteristics of a customer focussed enterprise.
The piece leaves three questions.
- Are banks fully positioned to grow organically?
- Can a focus on improving advocacy unlock growth potential?
- How can banks capture the opportunity?
Anyhow, still some goof stuff in there, from the thoughtful folks at IBM research, and I look forward to more on this topic
Bankwatch 