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Social Meets Retail Banking: How Customer Conversations Drive Acquisition, Retention, and Innovation


For retail banks, it’s increasingly challenging to differentiate in today’s crowded financial landscape. While most financial institutions offer unique levels of service around their offerings, many have difficulty effectively communicating their distinguishing factors, and the average consumer simply cannot distinguish between options. In our connected economy, banks are faced with a massive opportunity to redefine their brand and earn new customers by opening up their walls and tapping into consumer conversations via social.

In this new whitepaper, we’ll show you how banks that embrace this social opportunity are deepening relationships with customers and driving business. We’ll share tips and success stories of retail banks using social to:

  • Capture local customers earlier in the shopping journey
  • Acquire new clients by letting customers’ words do the selling
  • Create dialogue with customers to increase acquisition and lifetime value
  • Use customer input to drive innovation
  • Gain consumer trust through authentic customer feedback

Like never before, social lets people connect directly with brands and consumers are telling brands exactly how to win their loyalty for life. Leading banks can use social data to uncover what’s most important to the people behind it—helping them understand precisely how to earn brand loyalty, advocacy—and drive revenues.

Tags : bazaarvoice, social media, retail banking, customer conversations, drive acquisition, retention, innovation, retail banks
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Published:  Nov 05, 2014
Length:  10
Type:  White Paper