Creating Customer Advocacy
Improving customer experience in retail banking
Peter Barrett
Only a third of customers trust their banks to consider their interests ahead of profits. However, some retail banks are generating strong customer advocacy by concentrating on a small number of key elements that are critical to offering a superior customer experience.
Trust in financial institutions is particularly low in Italy, France and the UK. However, those banks that earn trust are actively recommended by customers. This point is borne out by the performance of the top ten European banks (‘advocate firms’) for customer service. Customers of these banks are also twice as likely to consider them for their next purchase, have 3.9 product holdings each (2.4 is the industry average), hold higher margin products, and made 61% of their financial purchases in the last year with their bank (42% is the industry average).
Download the 'Creating Customer Advocacy' PDF [585 KB]
Peter Barrett
Peter is responsible for marketing and business development in the Financial Services sector. His expertise is in customer
service and channel management in the retail banking and insurance sectors.
Video: View or download Peter Barrett's Financial Services Customer Experience video
Audio: Listen to or download Peter Barrett's Financial Services Customer Experience mp3
