4 ways financial institutions can increase wallet share and retain business

Wallet share, or the amount members regularly spend with your finserv brand, rather than with competitors, is directly correlated with retention, lifetime value, and member satisfaction. The greater your wallet share, the more loyal your member base is. And the more loyal your member base is, the better for your business.

While this metric is ultimately driven by sales, you don’t have to jump straight to aggressive, hard-sell tactics to improve it. Consider the following tips for providing value for your customers and revenue for your business.

1. Implement surveys in the membership journey

Providing value with your services begins with a deep understanding of your members. And you can’t understand their needs, wants, and expectations without asking them directly. At the beginning of the journey, perhaps even on a landing page for leads, start by asking the right questions. Consider using a survey to discover as much as possible about your prospects. With the rich data they provide, you (as the product expert) can then direct them to the most relevant and valuable services for their unique membership.

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