Taking card rewards programs to the next level

Today, card issuers are focused on how they can innovate in their rewards programs to attract and retain customers. Many are looking to the successful Groupon Deals model of online discounts for inspiration (see Bank of America’s recent announcement about a BankAmeriDeals merchant discount program they’re testing).

Social media is emerging as a key vehicle to [...]

2012: Customer experience is the new brand

Co-author: Dana Roytenberg

Lessons for financial institutions to increase brand impact

Most companies spend a lot of time defining their brand – the values they want people to associate with their business – and market to promote that perception. But these days, companies face challenges in controlling how their brand is perceived, because customers have the tools [...]

Emerging Issues – Stay ahead of the curve with your Voice of the Customer program

2011 was an important year for Voice of the Customer (VoC) programs in the financial services industry.  Many banks and credit unions adopted new Voice of the Customer initiatives, and companies with existing VoC programs began to harness their full potential with new types of analyses.  Some companies monitor customer feedback to determine the top [...]

How social media fueled Bank Transfer Day

Co-author: Brandon Purcell

Social media analytics of Twitter comments provide answers

By now, you’ve probably heard of Bank Transfer Day, a grassroots movement launched on Facebook® by a disgruntled Bank of America customer. The event, which prompted people to move their accounts from “big banks” to community banks and credit unions, generated a groundswell of social media [...]

Using social media to increase the value of sponsorships

For the past 35 years, JP Morgan Chase has hosted the Corporate Challenge, a series of 3.5 mile footraces in cities across the globe. JP Morgan describes the event on its website as “a global celebration of corporate teamwork, camaraderie, and community giving.” So far this year, over 225,000 people have participated in the event, [...]

How to get the most out of customer relationships with customer segmentation and predictive analytics

Customer segmentation enables companies to get more bang for their buck by directing marketing efforts to the most likely targets.

Segmentation is a widely used technique in marketing, a way of dividing customers into groups based on their demographics, attitudes, buying behaviors, and other attributes. Using predictive analytics makes it an even more powerful tool – [...]

A Tale of Two Acronyms- Why a VOC program is essential for a comprehensive CSR initiative

Companies across the world are beginning to establish Voice of the Customer (VOC) programs – using text analysis and other tools to listen to their customers on a large scale.  They are monitoring feedback in a way that was previously impossible, and are changing their businesses based on what they hear.

Meanwhile, Corporate Social Responsibility (CSR) [...]

Improving customer engagement in social media with predictive analytics

To capture more value from social media, companies are moving from listening to engaging.  Predictive analytics can help businesses plan strategic responses across a wide spectrum of customers to maximize the value of their social media interactions.

Using techniques from data mining and text mining, predictive analytics lets you look at historical patterns and make predictions [...]

Build more power into customer experience efforts – use text mining of unstructured data to complement structured data

Capturing data from unstructured sources such as open-ended surveys, phone and email support, and social media networks like Twitter and Facebook provides valuable opportunities for financial services organizations. This “voice” data offers direct, candid feedback from customers and prospects.

But how can you combine this unstructured data with traditional structured [...]

Using sentiment analysis to improve customer experience

Although “sentiment” has been tracked since the 1960’s to measure consumer confidence, automated sentiment analysis is only recently emerging as a compelling business tool for managing customer experience efforts. Sentiment analysis allows you to track both facts and opinions –such as customer transaction history as well [...]