Many financial institutions fail to establish proper strategies for acquisition of customers and hence they fail to retain them as well. Consequently, many financial institutions are unable to build long-term profitable relationships with the vast majority of their customers. According to research firm Celent Communications, retail banks face challenges in...
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Blog
Branding
Good brands should engage your customers. It should deliver a clear and positive message about your company or its products, connect with your target audience emotionally and prompt them to take action. It’s important to realize that packaging always either has a negative or positive influence on the purchaser....
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Customer Retention
What do customers want from their bank or FI? Do you really know? The problem of attrition is becoming more challenging for banks and credit unions. An even greater challenge seems to be acquiring new customers/members. The dramatic increase in competition among banks and financial services companies has generated the...
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Increasing competition and its effects on credit unions
As a result of increase competition from banks and non-bank financial institutions, many credit unions have become aggressive in their approach to marketing and acquisition of new customers. The trend these days are for companies to aggressively offer discounts, introductory coupons, and other incentives to lure new customers. However, research...
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Credit Union Awareness Creates Great Opportunities
In spite of the efforts of some Credit Unions to make the public aware that they are open to the community, still over 50% of the public are generally unaware (54.8%). This has significant implications for how Credit Unions market themselves. Credit Unions must carefully segment their market and utilize...
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