Retention 'top priority' for financial brands

Research by incremental revenue specialist Collinson Latitude has suggested that customer retention is regarded as the biggest priority for financial services brands in the current climate.

According to the study, 69.2 per cent of respondents in the financial services sector viewed customer retention as 'very important' to their business, with acquisition of new customers and brand differentiation as less important.

Of the other sectors surveyed, the airline industry was found to be the most likely to offer add-ons or enhancements to their core products (85.7 per cent), followed closely by the travel sector (83.3 per cent).

Janet Titterton, business development director at Collinson Latitude, said: 'The financial sector has had a turbulent 18 months and it should be little surprise that customer retention is the key concern among the industry at present.

'We recognise that many of the larger banks offer added-value accounts, in fact other sectors look to banks for best practice in memberships, but it is surprising that so many banks are not maximising the potential of these products in terms of user experience and flexibility to give more to their customers.

'If the financial sector is serious about both retaining customers and generating revenue in the current climate, it is essential that brands identify how they can provide customers with relevant enhancements that will drive both loyalty and revenue.