Strategy

The Changing Basis of Customer Loyalty

Let me guess – you compete on service. The majority of community banks say they do. It makes perfect sense when 94% of customers cite excellent service as the #1 consideration in choosing their banking provider, according to our most recent Community Bank Customer Commitment and Loyalty Survey.

But do you know what comprises “Excellent customer service” in the minds of your customers?

Triple your new checking account acquisition

Off-the-shelf checking acquisition programs have been a staple in the industry for nearly 20 years. For some banks, they’ve proven successful in generating new accounts and driving fee income. But increasingly, their performance has left a lot to be desired. 

A new approach tested by Galapagos clients has delivered results far superior to those free-and-a-gift programs, with higher response rates and generating new customer relationships beyond just free checking.