MEMPHIS, Tenn (January 11, 2022) |
SRM (Strategic Resource Management), an independent advisory firm serving financial institutions, manufacturing, retail, and other industries across the U.S. and Europe, today released its most recent SRM Academy Report, “What Drives Consumer Loyalty Post-Pandemic?”.
In this report, SRM shares insights from its 2021 customer loyalty and experience survey. The detailed survey, conducted in July 2021, offers a snapshot of consumer attitudes at a particularly compelling juncture – 16 months of dealing with COVID’s realities had created some degree of equilibrium while, at the same time, a return to “normal life” had begun to enter the conversation.
The survey results provide valuable insights into why consumers choose a financial institution, why they stay with one, and why those two sets of motivations are not identical. They also shed light on the value of a purpose-driven brand, the relative strengths of banks, credit unions, and digital banks, and how those perceptions stack up against nonbank brands. This data can inform individual bank and credit union strategies, refining marketing messages and operational models to gain advantages over local and national competitors.
“Our report shares key findings on the main influencers of loyalty and trust for consumers and how institutions are performing against their local, national, and digital competitors,” said Brad Downs, CEO of SRM. “To maintain a competitive stance in the market and continue to scale, financial institutions must understand why consumers select and stay with an institution. They should also determine what pandemic-prompted behavior changes are permanent. Those that pay attention to this and respond accordingly will be most successful in attracting and retaining customers.”