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In a new white paper, Nexi explains why Customer Value Management (CVM) goes far beyond any technique banks have tried before when it comes to deploying new ways to enhance customer engagement.
Identifying how and where customers derive value from their banking relationships and how this can be enhanced to drive greater use of banking products is key to building up long-term loyalty and create value for the bank.
An earlier blog sets out the challenging landscape European banks face, including sluggish profitability and revenue growth, dramatically increased competition and growing regulatory burdens.
Faced with these challenges, Nexi argue that banks should be using digital payments as the cornerstone of their relationship management and growth strategies in retail banking.
Digital payments open up the opportunity for banks to tap into vast amounts of information about customer’s behaviours, habits, desires and future plans that can be leveraged to make a bank’s client relationships more relevant and meaningful to the client – and to the bank itself.
Moreover, digital payments are the best channel through which to foster these relationship as they enable frequent and contextual interactions.
The new white paper, “Customers are a bank’s most precious asset – are you capturing their value?” sets out how banks can leverage these interactions and data that flow from digital payments to begin genuine conversations with customers and unlock growth opportunities across all aspects of a customer’s life, capturing needs that can be addressed through their wider product portfolio – from pension funds and savings through to insurance, mortgages and more.
Within these conversations, CVM can deliver real-time insights into customers – enabling banks to offer the right product and service at the right time towards the right customer.
As Europe’s leading provider of payments technology, Nexi has developed a market-leading CVM practice that improves the frequency, quality, volume and value of a customer’s interaction with banks based on their use of digital payments.
Nexi’s CVM solutions, based on a solid data-driven approach, can be used to incentivize actions which are key for the bank, for instance increasing digital channel usage, promoting ESG and sustainable behaviours, boosting existing product usage as well as client subscriptions to new products and services.
The white paper also details the components of an ideal CVM framework and describes the optimal approach to engage with customers via personalized contents both for the short and long term.
To find out more about how and why CVM can transform retail banking relationships, download a free copy of the white paper here.
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