While there are no silver bullets to the customer loyalty challenge, there are some rock solid first steps that can help financial institutions receive the benefits of a customer loyalty strategy. At this point, it's worth noting that building customer loyalty into financial institutions is not an impossible dream. A few noteworthy financial institutions such as USAA in the US are successfully enriching their customer relationships and building loyalty every day. By thoroughly understanding the nature of their customers' issues and attacking the problems head-on.
Successful institutions combine a vision of customer loyalty with a pragmatic plan of attack.
They address CRM and customer loyalty at the enterprise level. First and foremost, let's accept that CRM and customer loyalty are complex business concepts . Notice, however, that it does not address the issue of whether or not the customer is enjoying the relationship - only that it is faithfully adhered to. Sometimes financial institutions mistake inertia for loyalty. Just because the relationship is maintained, it doesn't mean the customer is loyal - it may mean that they are simply too lazy to start over somewhere else.