One thing that will always be important for improving customer loyalty is the loyalty program, a way for companies to maintain their business with regular customers and continue to build trust. A good loyalty program could build dedication of customers towards buying products or services from your business. As customer is one of the main drivers of your business growth, it’s quite important to concentrate efforts on building your customer loyalty.
DBS Bank (formerly known as the Development Bank of Singapore) recently made an outstanding achievement as it was crowned as “World’s Best Bank of 2019” by leading global financial publication, Euromoney. The Bank’s tremendous success was largely accredited to its digital transformation which is recognized as one of the most comprehensive in the world. This is solidly proven as the bank also received Euromoney’s best digital bank in 2018, which was their second in three years.
Customer expectations are dynamically changing, and the financial service industry is not invulnerable to these ever-changing new demands. The expansion of social media, the utilization of big data, and the ability to find or buy nearly anything, anytime, and anywhere means that people are getting more accustomed to fast and personal experiences.
In digital transformation, digital technology is integrated into all areas of a business. This integration brings changes in how the business delivers value to its customers. In the banking industry, digital transformation is a way to provide better service to your customers. It can be dramatically cheaper when customers complete transactions on a mobile app, instead of in a branch. They don’t have to go to your office and spend time to queue in order to complete financial transactions.
The digital economy today creates an easy switch-off for the customers to purchase what they like. When you already have regular customers but can’t improve your services for them, you will be likely to lose them easily. It is because of a simple reason. It’s because you can not meet their expectations anymore. And it is common in the business that you need more than just a coupon or two to ensure customers remain committed to your company.