2/11/2023 0 Comments Thumbs up for the go getters songIt may be difficult to believe the world can accommodate three new consumer credit cards, but Chase, Merrill Lynch and Discover prove there’s room for additional payment products when they are different, better and delivering value to a specific market. How Three new Consumer Credit Cards Make Room in a Crowded Market This post includes examples from Visa, UBS, American Express, Chase, Barclays and JP Morgan. Slick Mags & Petite Poems: Luxury Credit Card Content MarketingĬontent marketing helps credit card companies reach their bottom-line goals by encouraging desirable behavior from affluent and HNW cardholders and prospects. In a recent article citing retail banking data, Sean McDade writes, “Your newest customers are the most unhappy and the most at risk.” This should serve as a wake-up call for banks, which are known for being go-getters when it comes to acquisition marketing but may be falling short at nurturing customer relationships out of the gate. Onboarding is a Smart Place for Banks to Start When Improving Customer Experienceīanks need to create better onboarding experiences, warns ABA Bank Marketing. But rather than abandon the high-end market, Barclays overhauled its product and even introduced two more: its new Luxury Card portfolio centers around a new and improved Black Card, as well as a Titanium Card and a Gold Card. The problem felt by many was that the benefits simply didn’t justify the $495 annual fee. Launched in 2008, Barclays Visa Black Card never stopped struggling to overcome bad reviews and lackluster performance. In fact, we think that this lack of engagement actually presents an opportunity for smart financial institutions.īarclays Marketing Positions New Luxury Card Portfolio as Practical, Not Exclusive What’s going on here? Are loyalty programs a waste of time – and money? We don’t think so. But something seems to go wrong after consumers sign up for these programs: they don’t use them. Some of the enhancements clearly will appeal to Millennials – a segment most banks are working hard to attract and satisfy.Ħ Ways to Rethink Financial Services Consumer LoyaltyĪcross industries, rewards programs seem to be working… at least in terms of membership numbers. The new Wells Fargo credit card rewards program gives cardholders access to new rewards, perks and functionality. Wells Fargo Aims to Boost Cardholder Loyalty with Updated Rewards Program Here’s how the bank is already delivering on this customer-centric focus in a number of tangible ways. In a report to stockholders, Bank of America’s CEO pledged that Bank of America would continue to drive responsible growth by making smart decisions based on customer needs and attitudes. How Innovation Helps Bank of America Deliver on a Customer-Centric Focus ![]() ![]() They want human connection and interaction… and banks know how to do relationships. Why Relationships Trump Mobile Apps When Banks Compete for Millennial CustomersĪlthough banks will continue to get more competitive when it comes to technology, they may never be able to beat out all the contenders and sit atop the digital/mobile customer experience. Revisiting the lessons, tactics and campaigns they highlight can reveal valuable insights as you prepare for the coming year. The list echoes what we’re hearing from our FS clients who are constantly seeking strategies to build customer relationships, gather better market/audience intel and boost consumer engagement.Ĭheck out our most popular financial services marketing posts from 2016. When we took a look at the top financial services posts published on our blog in 2016, three themes emerged: loyalty (relationships), specific tactical opportunities and content marketing.
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