The banking giant will drop existing lines to simplify its product offerings—which could help its bid to shuck the federally mandated asset cap, but hurt retention by driving off impacted customers.

Virgin Money boosts UK SMB lending experience with partnership: The UK bank’s latest fintech team-up demonstrates a focus on pivoting to post-pandemic customer retention.

That's the benefit of D2C: Customers are very supportive and willing to give feedback. We have around an 80% response rate with post-purchase surveys. Going into conversations with larger-scale retail partners, we have a clear view of what our customers are asking for from an innovation road-map perspective.

In his current role, Mike is responsible for defining and executing go to market strategies to drive new user acquisition, installed based revenue growth, and customer retention.

We spoke with Zak Normandin, founder and CEO of Iris Nova, about how his company has leveraged SMS to better serve its customer base.

As retailers lose out on third-party data, they need to focus on customer retention rather than customer acquisition. This is where their own customer data is so valuable. Do you see this as a reason for retailers to build out more marketplaces for their ecommerce to drive more retail media?

In a January 2020 study from London Research and customer experience management company Reputation.com, 49% of client-side marketers worldwide reported that they use customer satisfaction as a KPI to measure and monitor CX. Customer retention was used by 44% of respondents; another 43% used conversion rate.

The CMO’s rise is tied to growing competition from sleek, customer-obsessed neobanks and Big Tech, making customers the north star for banks. In the face of such competition, the CMO’s focus has expanded beyond product marketing and acquisition to retention and driving customer LTV. Marketing is increasingly on the hook for growing revenues, as retention falls more under the CMO’s purview.

Why it’s worth watching: Rather than broadening Venmo’s features, Cash Back to Crypto weaves together existing services to boost customer engagement and retention. Its growing suite of banking services is making Venmo look more and more like a neobank—even though it eschews that title—and is transforming Venmo into a super app that customers can use to manage their entire financial lives.

Noticing gaps in accessibility, SmileDirectClub went to market to offer affordable, wide scale orthodontic care in the US before going global. Watch Industry Voices: Spotlight on D2C with SmileDirectClub CMO John Sheldon to hear how the brand’s goals were achieved by focusing on customer relationship management and a retention strategy rooted in telehealth.

Successful relationship reward strategies can encourage customers to consolidate their financial lives, boosting customer retention and driving cross-sell opportunities. Only three cards offer this feature, which 30.3% of respondents found “extremely valuable.”. By rewarding cardholders for recommending their card, issuers can leverage a low-cost customer-acquisition channel.

Small and midsize FIs should decide whether their priority and motivation for new innovation projects is customer retention, acquisition, or both—and tailor their strategies accordingly to make the most of their limited budgets.

Sticky customer base: Seventy percent of its users “are not looking for short-term gains,” per co-founder Christian Hecker. Rather, they consider Trade Republic a savings plan that helps their funds grow over decades, meaning the app can rely on high customer retention. Transparent pricing: Trade Republic charges users €1 ($1.12) per trade, an easy-to understand-price model that promotes user trust.