According to the EY Global banking Outlook Report 2015*, today’s banks are going to have to fight harder than ever for the customer relationship, or risk becoming a utility. The report also states that customers are becoming used to more personalised products and recommends that banks provide customers with truly differentiated offerings if they are to thrive.
In our last post, we described how financial services and legal needs are often linked at certain points in the life of an individual or small business and that by offering legal services alongside financial products banks can build customer loyalty and lifetime value.
In particular, we believe that when offered by banks value-add legal services will:
- Create proposition differentiation
- Enable product personalisation
- Facilitate customer engagement
- Build trust and customer loyalty
- Increase retention rates and lifetime value