The Accenture Global Consumer Survey reveals that although participation in bank loyalty programs is on the rise, those programs aren't as effective as they need to be.
New York-based consulting and technology services firm Accenture recently asked 10,000 consumers in 27 countries to evaluate 10 industries, including banking, on issues ranging from service expectations and purchasing intentions to loyalty and satisfaction. The results of the Accenture Global Consumer Survey reveal that although participation in bank loyalty programs is on the rise, those programs aren't as effective as they need to be.
The survey indicates that North American consumers' participation in bank loyalty programs has increased from 23 percent in 2009 to 33 percent in 2011. However, nearly one-third, or 30 percent, of North American bank customers didn’t know that loyalty programs were available. On top of that, less than half (45 percent) of bank customers in North America say loyalty programs have persuaded them to stay with their bank.
Some banks need to reevaluate their loyalty program strategies, according to Nigel Smith, managing director of Accenture Banking Distribution & Marketing Services in North America. "More customers are joining traditional loyalty programs, yet these programs are not enough to keep customers satisfied," he says. "Agile banks monitor customers' behavior and purchases so they can easily spot when a particular customer's commercial patterns change and respond accordingly, using advanced customer analytics. Importantly, the magnitude of these changes must be viewed through the eyes of the customer, not the bank." READ THE FULL ARTICLE HERE.