Category Archives: Commercial Banking

Reinventing Loyalty

Findings from EMI’s National Study

Customers may be satisfied with their banking relationships, but that satisfaction doesn’t always translate into more revenue or deeper relationships. And in today’s economy, acquiring new relationships while growing current ones is becoming an increasingly high-stakes game.

In EMI’s national consumer study, we uncover the role that loyalty programs play in acquisition and retention. What we found is that banks still have a long way to go towards turning loyalty into deep and profitable relationships:

  • Only 9% of consumers stated that loyalty is the most important reason for remaining with their primary bank or credit union
  • 69% of consumers have a primary credit card issued by a financial institution other than their primary bank, and they cite a better rewards program as the most important reason for looking elsewhere
  • Of the minority who have credit cards issued bt their primary bank, a high percentage of consumers chose the card simply out of convenience

The new era of responsible marketing

Barack Obama has captured many hearts and minds in our nation.  What does his call for responsibility and action mean for marketers–those of us who focus on driving growth and loyalty?

Our new President said, “On this day, we gather because we have chosen hope over fear, unity of purpose over conflict and discord.” Doesn’t this describe our most important goal as marketers? Creating a unity of message and purpose among our sales and service professionals who deliver our value to customers? An honest and consistent approach that meets customer needs, and a sincere desire to do so with an experience that is the best…these make for competitive advantage and the power to prevail and succeed…even through these challenging times.  Leadership is made of this.