Aite group issues two research reports “How Effective Have Community Banks Been At Serving Small Businesses” and “Buying Loyalty, An Evaluation Of Merchant Loyalty Vendors.”
Two new banking reports have been issued by Aite Group, LLC. One profiles the characteristics of small businesses most likely to bank with community banks, while the other looks at the role of loyalty providers in each of the different business models in loyalty marketing. The latter examines current trends in its space and profiles eight leading vendors.
“In How Effective Have Community Banks Been At Serving Small Businesses,” research director Christine Barry explains that while community banks are focusing greater attention on the small-business customer segment and achieving higher customer satisfaction rates for service than their larger bank counterparts, limited offerings place these banks at risk of losing customers.
However by providing the technology capabilities small businesses demand including more sophisticated online banking capabilities community banks could better retain these customers,and even expand their small business client base.
“In Buying Loyalty: An Evaluation of Merchant Loyalty Vendors,” analyst Adil Moussa shows how U.S. businesses (including financial institutions) seek to differentiate themselves from the competition and keep their best customers with them as long as they are in business. The report reveals that because loyalty program vendors have different strengths and weaknesses, it is in a business best interest to use multiple vendors.