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Session Description:
It's
easy (and cheap) for banks to say they
want loyal customers. But why? What's
the return? What do you say when you get
a call from the C-Suite asking if the
bank realizes a return on its investment
in building loyalty or if this is an
expense without a payoff?
Loyalty is not just about happy
customers. Loyal customers drive
economic value for banks. Loyalty does
not automatically translate into
profitability – as some recent examples
readily illustrate – but there are clear
economic benefits.
Using data from an array of studies in
financial services, we will illustrate
the economic payoff companies realize
from loyal customers and go through a
series of approaches of how to make (and
not to make) the case that loyalty
drives economic value to the bank. Then,
when the C-Suite calls, you'll have the
answer .
This session is appropriate for senior financial services
executives with responsibility for Customer Loyalty,
Customer Retention, Retail Banking, Marketing, Market Research and Strategy groups.
About Howard L Lax, Ph.D.:
Drawing upon a diversified
background in market research,
marketing, consulting and education,
Howard is responsible for the design and
delivery of Customer Loyalty engagements
for clients, with a particular focus on
the financial services sector.
Before joining Harris Interactive,
Howard was Vice President in the
Customer Strategies practice at Opinion
Research Corporation, where he focused
on Customer Loyalty and segmentation.
Previously he was Director, Market and
Customer Information, at Freddie Mac in
McLean, VA. In that capacity he directed
the corporation’s market research
efforts, including major projects
addressing mortgage lending, consumer
finance and consumer credit, as well as
customer satisfaction, branding,
advertising, corporate image, and public
policy issues.
With more than 25 years of experience in
research in the financial services
sector, Howard has worked with hundreds
of firms, including Bank of America,
Wachovia, Citibank, Wells Fargo and J.P.
Morgan Chase; Allstate, Nationwide, The
Hartford and BlueCross BlueShield; and
Fidelity, Merrill Lynch, T. Rowe Price
and Morgan Stanley.
He holds a Ph.D. and M.A. in political
science from the Graduate School &
University Center of the City University
of New York and earned his B.A. at Union
College.
About
Harris Interactive:
Harris Interactive is a global leader in
custom market research. With a long and
rich history in multimodal research that
is powered by our science and
technology, we assist clients in
achieving business results. Harris
Interactive serves clients globally
through our North American, European and
Asian offices and a network of
independent market research firms.
www.harrisinteractive.com
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