Quick Q&A on
Customer Engagement
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Disengagement is an unpleasant topic for Matt Gillin to raise with bankers. It means customers are no longer responding to the bank’s email, ignoring its portal or failing to download its app.
Even worse, disengagement costs a financial services organization a fortune in terms of churn and lost opportunities to cross-sell and upsell. About 70% of a financial institution’s customers are passively or actively disengaged, Gillin says. Compounding the problem, financial institutions devote more than three-quarters of their marketing budgets to acquisition instead of retention.
BAI talks with Gillin about the ways banks can reactivate their dormant customers and reap the rewards of their lifetime value. In this one-page Q&A, Gillin shares insightful answers to these questions:
- Why do you believe that customer disengagement is the greatest challenge for banks today?
- What impact does disengagement have on banks?
- What strategies should banks consider to re-engage with customers?
- How can banks prevent disengagement? Has there been a shift in priority from customer acquisition to customer re-engagement?
- How do you build and foster trust with customers and create meaningful relationships with them?
