While bank M&A activity has fluctuated over the past few years, many industry observers now see the potential for different types of deals due to the changing sentiment of bank leaders and boards. Whether their institution is entering attractive new markets, adding new business line capabilities or building a strong base of new customers, marketers represent the frontline to the new customer/member base. Delivering a seamless customer experience through their initial communications will be more of a challenge than ever.
Customers of acquired banks quickly learn the customer service they can expect from the acquiring bank. And when their experiences with the new bank are worse than what they are accustomed to, customers leave in large numbers. The key is to identify the reality of how customers will experience this change and to address it proactively, using strong communication plans to support the factors that drive strong customer retention experiences.