Read the original Financial Brand article here.
Here is a brief summary of the article:
- Customers who are satisfied and fully engaged with their financial institution are more likely to purchase additional products or services.
- Financial institutions are investing in new technologies, processes, and procedures to improve customer engagement.
- Not all engagement is equal, and banks that attempt to increase engagement without providing value may risk cannibalizing customer satisfaction.
- Doing nothing may be risky, as competitors who provide better engagement will siphon off customers over time.
- Financial institutions must choose whether to pursue the 83% cross-sell opportunity or risk falling behind competitors and losing customers.