Customer Relationship Building: Industry Report

Customer Relationship Building

Product Type: Market Research Report
Published by: Auriemma Consulting Group
Published: June 2009
Product Code: R3693-17

Description

Financial service companies of all types are examining ways to expand and solidify established customer relationships, as well as build new ones. Most bank products have reached the point of maturity where new account growth has slowed or stopped; therefore, marketing activity has been heavily focused on fighting for or maintaining market share. Today, there is greater competition than ever before, and non-bank financial service companies have the ability to offer banking products to their customers. As part of this trend, service providers, such as First Data and TSYS, have introduced customer relationship management (CRM) features into their systems to better serve their clients’ needs.

Given these market conditions, many banks and financial institutions are competing to encourage customers to consolidate their accounts with them, as a sole provider. However, consumers have been taught to shop around for individual products based on features/benefits, rates and fees. In this issue of Cardbeat, we examine what financial products consumers currently hold and where they are held; what consumers consider to be their primary bank or financial institution; reasons consumers do and do not consolidate their accounts with their primary lender; the relative importance of branch location and its impact on likelihood to acquire new products in the future; and consumer willingness to consider their credit card issuer as a provider of various financial products and the effect of incentives on that decision. Data included in this report were gathered using a web survey administered to 400 credit card users in the U.S. during May 2009.

Table of Contents

1. A Note to Readers: 1a. Methodology; 1b. Introduction
2. Highlights from Study: 2a. Executive Summary; 2b. Primary Institution and Issuer of Most Frequently Used Credit Card; 2c. Financial Products Currently Held/With Primary Institution; 2d.Reasons for Multiple Relationships With Primary Institution; 2e. Reasons for Not Consolidation All Products With Primary Institution; 2f. Importance of Branch Location; 2g. Likelihood to Obtain Financial Products in the Future; 2h. Likelihood to Obtain Financial Products in the Future From an Institution Without a Local Branch; 2i. Likelihood to Obtain Additional Financial Products From a Credit Card Issuer; 2j. Effectiveness of Incentives to Obtain Additional Products From a Credit Card Issuer; 2k. Preferred Method of Receiving Information About Additional Products From a Credit Card Issuer
3. Conclusion
4. Research Management

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