In their recently released Emotional Loyalty Report, Inte Q takes a deep-dive into emotional, social, and brand health data and uncovers insights into what makes top consumer banks successful and what factors contribute to consumers’ ‘love’ for these brands.
Customer Love® in the Consumer Banking Industry
The average American tends to be generally satisfied with their brank, according to a study done by Blank Clarity. This study shows that…
61% of people move banks for reasons other than dissatisfaction such as moving, changing jobs, or marital status.
In recent years, it has been found that millennials are more inclined to change institutions if another bank is willing to offer better rewards such as cashback and refunds on ATM withdrawals.
What does the Customer Love Index® tell us about the Banking Industry?
Inte Q’s proprietary Customer Love Score® incorporates social, emotional, and overall brand metrics to accurately measure the emotional connection customers have to a brand.
Leveraging artificial intelligence and machine learning, the Customer Love Score® provides more than 25 comparison metrics for a brand and competitors – in this case, Chase and Citi.
Insights:
- Chase had a higher overall Customer Love Score® than Citi with scores of 57 and 49 respectively
- When considering what drives a customer’s love for banking brands, honesty and reliability are the most important characteristics
- Citi Bank has a generally low reputation, with an Average Net Promoter Ranking of -8.49 compared to Chase’s +6.6.
Revolutionizing Marketing Optimization with the Customer Love Score®
“Using the score as a centerpiece to optimize our loyalty programs and drive personalization strategies, has been a game-changer for our clients.”
Chris Duncan, President, Inte Q
Using the Customer Love Score® to influence campaign targeting has demonstrated a 24 percent incremental transaction lift and a 15% increase in ROI over traditional targeting methods.