National Benchmarking from Allegiance Takes the Pulse of Banking/Credit Union Customer Loyalty and Engagement
Monthly consumer survey gives banks and credit unions a way to monitor trends and measure against competitors
SALT LAKE CITY - September 16, 2009 - Allegiance, Inc., a leading provider of Voice-of-the-Customer (VOC) solutions that help companies capitalize on customer and employee engagement, today announced mid-year results of its National Benchmarking/Pulse of America survey. The ongoing survey of consumers, which is the foundation of the Allegiance National Benchmarking service, tracks and compares customer satisfaction, loyalty and engagement trends at U.S. banks and credit unions and determines the specific factors that have the strongest impact on customer engagement.
The Allegiance National Benchmarking service is used by organizations to compare their strengths and weaknesses against local, regional, and national competition. The subscription service includes an annual review of benchmarking data, engagement trends, and expert insights. Allegiance also provides subscribers with a quarterly review of trends and continuous access to the data for their industry. Subscribers also receive any supplemental analysis, studies, or findings that arise from the survey.
Mid-year findings just released by the Allegiance National Benchmarking/Pulse of America for banks and credit unions include:
- Customer/member expectations of banks and credit unions have shifted away from the more traditional roles of industry leader, guardian and protector of customer/member finances.
- Credit unions continue to have much higher member/customer engagement levels than banks, but the gap is narrowing. Credit unions saw a significant drop in customer engagement from 57 percent to 49 percent between January and June 2009. [Note: This
was the sharpest drop Allegiance has seen in credit union engagement since the Allegiance National Benchmarking/Pulse of America survey began in October 2007.]
- Engagement levels among older customers have fallen. While levels remained constant for customers 54 and younger, customers 55 and older saw a ten percent drop on average in engagement.
- Both banks and credit unions appear to be focusing their customer/member engagement resources on the most profitable demographics. While engagement fell by eight percent for customers with incomes of $50,000 or less, engagement rose by three percent for customers with incomes of $50,000 Ð $150,000.
"The Allegiance National Benchmarking service uncovers what is driving customer engagement in specific industries. Our professional services team helps companies apply that to their business to increase sales and profits," said Greg Heaps, vice president of professional services at Allegiance. "By comparing the national survey findings to their own customer loyalty and
engagement results, companies can better develop customer retention strategies and improve their competitive position."
The Allegiance National Benchmarking/Pulse of America survey is a nationwide, censusbalanced survey that is distributed to 600 consumers each quarter. Allegiance surveys both customers and employees at financial institutions to study loyalty and engagement. Allegiance also conducts custom benchmarking surveys for clients in other industries. This mid-year report
examines responses from January to June 2009, comparing trends from Q1 to Q2. For a full copy of the Allegiance National Benchmarking Pulse of America Report for Banks and Credit Unions August 2009, visit www.allegiance.com/poareport.
Supporting Resources
About Allegiance, Inc.
Allegiance, Inc. offers next generation feedback management software to help organizations grow customer and employee loyalty and engagement. The Allegiance Engage Software platform facilitates survey creation and gathers responses and unsolicited comments in real-time into a centralized online system, saving time, effort and money. Allegiance solutions measure customer and employee engagement, revealing precise actions to grow engagement and increase revenue. Allegiance Enterprise Feedback Management (EFM), predictive analytics, and professional services combine to help businesses capitalize on engagement. For more information about Allegiance, visit www.allegiance.com.
About Inc. Magazine
Founded in 1979 and acquired in 2005 by Mansueto Ventures LLC, Inc. (www.inc.com) is the only major business magazine dedicated exclusively to owners and managers of growing private companies that delivers real solutions for today's innovative company builders. With a total paid circulation of 712,961, Inc. provides hands-on tools and market-tested strategies for
managing people, finances, sales, marketing, and technology. Visit us online at Inc.com.
###
Media Contacts:
Chris Cottle
Allegiance, Inc.
801-617-8034
chris.cottle@allegiance.com
Valerie Chereskin
Chereskin Communications
760-942-3116
valerie@chereskincomm.com