Customer advocacy is the foundation for growth in Financial Services

As the financial services industry experiences an ever-accelerating level of change through consumer behavioural shifts and regulatory challenges, the race to be the customer’s chosen provider continues. Building your customers loyalty and making them advocates for your brand is the bedrock for success. Customers have managed their finances on-line for some time, but are increasingly using new technologies to purchase.

The advent of “open banking” through the implementation of the second Payments Services Directive (PSD2) and the growing number of Financial Services players, will increase the range and choice of services available to your customers.

So, what can you do now to ensure that as choice expands, your customers first port of call is your organisation? And further still, that they are happy to proactively recommend your services to a friend. How do you start actively benefitting from customer advocacy if you aren’t already?

Developing customer advocacy

Achieving this level of customer advocacy requires continuously high levels of service, from the promotion of your products through to the ongoing servicing of them. Employing some simple, but key, principles across your business will go a long way to delivering what the customer wants.

Recognise the customer – use the array of data you hold and demonstrate you know and understand the customer’s situation.

Deliver products that meet their needs – strive to do this, tailoring your offer if necessary. If you don’t, your competitors will.

Value the customer – let them know that their business is important to you

Make accessing your services easy – ensure the customer can use whatever channel they want, when it suits them.

Their best interests to be your focus – ensure all your communication is relevant, reflects your level of expertise and delivers the best outcome for them.

By focusing on these areas and driving your Net Promotor Score, your customers will have a level of affinity and trust in your organisation. Your competitors won’t be able to match up! When so many things are changing in financial services, we might forget the importance of the now. Customers who receive a consistently strong level of service, tend to be much more loyal to that organisation. Deepening your relationship with your customers will build their level of trust in your company. It’s such an important factor when they choose financial products in the future.

Want to know more about customer advocacy and driving business growth? Get in touch with the experts at Think OTB.