Customer Loyalty in Finance: Keeping Score with Apex (with Marc Whitehead and Nick Bond)

Brief Summary of Episode #232

When you call or chat with a financial service about an issue, what’s usually the first thing you hear from the representative?

“Let me pull up your account.”

Legacy institutions have lost the emotional connection with their customers. The folks at Emotive Technologies Inc. set out on a mission to find out why.

So, what did they find?

“Too many banks still look at their customers as account holders rather than people who have emotional expectations in their relationship with different brands,” Marc Whitehead, Principal at Emotive, said.

Marc and Nick Bond, founding partner at Emotive, joined us to share their findings from their 2022 U.S. Banking Industry Loyalty Report.

One common thread they found in banks failing to build a connection was a lack of predictability.

“What are people really buying when they choose a financial institution?” Nick said. “What are they getting, and what’s keeping them there?”

So, how can financial brands and fintech give their customers clarity? By asking the right questions.

“How are you having conversations with your customers around what they need out of the relationship?” Marc asked. “Understand the ‘why’ behind the ‘what’ and serve the ‘why.’”

• What drove Marc and Nick’s team to commission the report (4:34)
• Emerging patterns throughout customer loyalty in financial services (15:53)
• How to bridge the emotional gap in customer expectations (23:06)