VSoft Corporation’s Post

Exploring the Metrics of Customer Retention in Banking: Share of Wallet vs. Lifetime Value. In today's evolving financial landscape, understanding customer needs is paramount for financial institutions. Learn how these metrics impact retention and profitability. #Banking #CustomerRetention #Metrics #FinancialServices

Managing detractors in the financial sector is a major challenge, but also a growth opportunity! Why is it more complex in financial services? Here are 2 out of 4 reasons 👇 1. Because of less churn but... more passive detractors Unlike other sectors where dissatisfied customers simply unsubscribe, in financial services, they often stay but reduce their activity, such as stopping using certain banking services. 2. Intense digital competition The rise of customer-focused competitors underscores the importance of detractor management. These new players challenge traditional banks by emphasizing the customer experience, making it essential to retain existing customers. Want to discover the other two reasons? Consult our article : https://hubs.la/Q02wVydH0

Looking to become a challenger in small business banking? Our BankiFi Chairman Tom Shen, along with Celent's report, explains why marketing and customer engagement techniques are crucial to success for incumbent banks and FIs looking to bolster their small business banking offering. Check out our blog for key takeaways from these industry experts and learn how to revolutionize your approach and attract more small business customers. #Banks #FinancialInstitutions #SmallBusinessEmpowerment #CustomerEngagement #Marketing 🔗 https://hubs.la/Q02bC2P60

Join us and BAI on May 8th at 2:00PM EST for an insightful webinar on customer acquisition! 🗝️ Key takeaways: 🔸Understand top customer banking priorities and preferences by generation 🔸Learn why customers switch their primary financial institution 🔸How customer acquisition and loyalty have transformed 🔸Ways to better meet your customers’ needs Register now: https://bit.ly/3WjgBmo #acquisitions #webinar #banking

How can banks and credit unions effectively align their marketing strategies with consumer needs? Get valuable insights and tips to stay ahead in the rapidly changing financial industry in this article. #banking #marketing #consumerneeds #Alkami

LET THIS SINK IN: 55% of bank execs reported that they NEVER analyze their customer data or do so less frequently than 1x/year. Here's the painful truth: mark gibson (Capital Performance Group) authored How Technology is Changing for Bank Marketers for the ABA Banking Journal. It's eye-opening 👀 Mark said: "This is a surprising finding and points to a future performance improvement opportunity for bank marketers." Our take 👉 We've asked hundreds of bank execs about critical metrics like their cost to acquire new customers, first-year attrition rates, and service adoption rates within the first 90 days. We can confirm that most banks don't analyze customer data to identify opportunities. This is the reason why they don't know that they spend a boatload of money to acquire customers who never use the accounts they open. Mark continues: "It will be interesting in future surveys to explore why this is the case. The bank ‘owns’ its customer data, so the only expense is having an internal or external resource to analyze the data to identify relationship-deepening opportunities. This use case has proven to have an extremely high ROI and can also improve customer satisfaction and retention." Our take 👉 You can say that again! Banks (and credit unions) are sitting on a gold mine of data. It's not entirely their fault that they don't understand their customers or know critical acquisition & retention metrics. Banks' data is trapped in outdated systems, and they don't have the manpower to make sense of it. Institutions need platforms that make it easy for bank marketers to leverage data. Check out the article: https://lnkd.in/gSSZZQet #bankingindustry #communitybanks #bankmarketing #fintech

It seems bizarre that FSIs' marketing groups wouldn't be obsessed with customer data analytics, with over half not mining those insights even annually. The answer lies in a different talent profile: marketing tends to attract more creative, people-oriented types. It is very hard to find one person who combines those skills with a strong analytics propensity, and vice versa. Hence, the answer often requires hiring two different profiles for each segment/product/channel.

Marketing continues to play a key role in banks’ strategic growth plans and more banks are turning to outside resources for support this year. Financial institutions are most focused on digital marketing, and data and analytics.    See more survey data and read the full story in ABA Banking Journal: https://lnkd.in/g-9KibEv   Does your bank’s technology help or hinder your marketing efforts?   At VSoft, we give financial institutions insights into their customers’ habits so they can optimize their products and features to better serve account holders. If that sounds helpful to your team, let’s connect!    #digitalbanking #bankmarketing

🌐 Unlocking Opportunities: Empowering Customers with Access to Credit! 💳 👋 Let's talk about a game-changing strategy in business – offering access to credit. 🚀 In today's dynamic market, providing your customers with the flexibility of credit can be a win-win. Here's how it not only boosts sales but becomes a powerful tool for customer retention: 1️⃣ Enhanced Purchasing Power: Offering credit allows customers to make purchases beyond their immediate budget. This increased purchasing power can lead to larger transactions and more frequent engagement with your products or services. 2️⃣ Building Trust and Loyalty: Providing access to credit demonstrates trust in your customers. It's a vote of confidence in their ability to manage their finances. This trust, in turn, fosters loyalty, as customers are more likely to return to a business that believes in their financial responsibility. 3️⃣ Strengthening Customer Relationships: Credit marketplaces provide an ongoing relationship with customers. Regular interactions, updates on credit usage, and personalised offers create a continuous connection, making customers feel valued and understood. 4️⃣ Convenience and Flexibility: Today's consumers value convenience. Credit options offer flexibility in payment, making it easier for customers to manage their finances. This convenience factor is a significant contributor to customer satisfaction and retention. 5️⃣ Data-Driven Insights: Credit programs generate valuable data on customer spending habits. Utilising this data enables businesses to tailor their offerings, providing a personalised experience that resonates with individual customer preferences. 🌟 Success Stories Wanted! Have you implemented a credit marketplace in your business? Have you spoken to Monevo about how to make this possible? (If not feel free to reach out to me today) Share your success stories or insights on how it has impacted customer retention. Let's discuss innovative ways to empower customers while fostering long-term relationships. 💬💳 #CreditInBusiness #CustomerRetention #EmpowerYourCustomers #BusinessStrategy #partnerships #consumercredit

Unlock the power of cross-selling with financial services marketing! Join Loni Luna to see how actionable data empowers banks and credit unions to enrich their influence among current account holders. #FinancialMarketing #CrossSelling #DataDriven #Banking #Marketing.