PA Consulting Group, the leading global management, systems and technology consultancy, today announced that it is conducting a study on the best practices for attracting and retaining customers in the financial services industry.
The financial services industry has recognized the importance of organic growth to improve shareholder value. However, most financial institutions, and retail banks in particular, face a number of key challenges in attracting and retaining customers, including:
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the decline in the effectiveness of traditional methods to reach customers
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the inability to maximize emerging tools and technologies
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intensified competition from new and traditional competitors, across different mediums.
The purpose of this study is to help financial institutions understand organic growth practices. For the purposes of this study, we refer to 'organic growth' as increasing the number of customers and the number of services they purchase, as well as increasing balances, deposits and loans through strategies other than acquisitions. In our usage, organic growth means retaining more customers, acquiring new customers, and having customers increase their utilization of products and services.
The study will collect information on:
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tools and technologies that banks large and small are currently using
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what kinds of targets and objectives are set to meet these growth targets
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what the biggest challenges are in meeting goals and objectives.
While the responses will be kept strictly confidential, the results will be aggregated and summary findings will be made publicly available, with additional analysis available for all participating financial institutions.
Respondents can visit www.bestpracticesurvey.com in order to gain access to the survey. To complete the survey, you will need a password, which can be obtained by contacting David Wagstaff at +1 212 973 5918.
