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