With the prospects for loan growth and asset quality less certain in 2017, Mexico’s banks need to make engaging their customers a priority. In fact, their future health may depend on it.
Gallup surveys of banking customers in Mexico in 2016 show they have a lot of work to do. For every one banking customer in Mexico who is fully engaged, another three are indifferent or disengaged — and potentially hurting a bank’s revenue.
Customers who are fully engaged bring 37% more annual revenue to their primary bank than customers who are disengaged do. They use more of the bank’s products and have higher deposit balances in their accounts.
However, Mexico’s banks have the power to change their engagement ratio — and help their bottom line — if they provide better customer service.