While many banks and financial institutions cite loyalty or customer experience as top strategic priorities, surprisingly few firms are fully realizing the potential value from their programs. Why?
It’s not the concept of loyalty or customer experience itself, but rather the way customer experience programs are being perceived, designed and implemented. Programs are too often run as “research” programs (by research or marketing departments) and not “business” programs (by cross-functional teams of business executives).
Research-oriented programs have benefits, but to achieve true ROI from the time and money spent, the primary program objective needs to be business results that drive actions, policies and investments to actually improve—and not just measure—loyalty.