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Survey says firms are ignoring clients&#39 spouses

Financial services firms are failing to fulfil their potential by disregarding crucial information about customers&#39 spouses, according to business solutions specialist Xchange.

A survey it commissioned found that 39 per cent of marketeers working in financial services disregard or fail to collect information on the relationship between cohabiting customers.

Xchange says that by ignoring such information, companies are overlooking a key business indicator and a good way to grow business links within households. It gives an example of an unemployed 50-year-old who it says most banks would consider to be very low in terms of customer profitability. But in many cases, claims Xchange, a typical bank would ignore the customer and seek out other targets when they should look at the customer&#39s partner, who may be earning a substantial salary.

But even with this information to hand, Xchange says many financial firms still fail to consider how it could be used.

It claims this type of attitude is symptomatic of companies&#39 lack of understanding about customers and their lifestyles.

Senior vice-president (internal operations) Tony Heywood says: “If com-panies are to develop more healthy relationships they need to step back and consider the bigger picture.

“Increasing customer value is not simply about targeting the most profitable customers, it is about making the most out of the wide variety of customers within your customer base.”


Succession of problems

When I read technical articles on pensions, I often wonder how well prepared the average IFA is for their own retirement. With an average age in the mid-50s, the industry will see a whole wave of retirements in the next five years.Allow me to assume that the average IFA does not pay the maximum contribution […]

New Star appoints Whitefield as retail marketing head

New Star Asset Management has appointed Garry Whitefield as its new head of retail marketing.Whitefield joins from Keydata where he was head of marketing. Prior to Keydata he was marketing manager at Hill Samuel Asset Management.In his new position, Whitefield’s responsibilities will include IFA marketing and product literature support. He will report to marketing director […]

PPP Lifetime Care brand to fade away

The brand name PPP Lifetime Care looks set to disappear as parent company Axa Sun Life integrates its range of longterm care products into those handled by its own IFA consultants.Axa Sun Life says the PPP name will continue for the immediate future but IFAs believe it will be likely to fade with the move.The […]

Northern Rock offers double helping

Northern Rock has introduced the second issue of fifty-fifty, a combination bond that is split equally between high interest account and a guaranteed equity bond.The high interest account element is a two-year fixed rate bond paying 6.5 per cent gross a year until December 1, 2003, which is 0.5 per cent lower than the previous […]


White paper — Dubai International Insights

Jelf Employee Benefits discusses the legislative changes in Dubai, available medical facilities and policy considerations for employers with expatriate workforces in the country. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Dubai, or are considering operating there in the near future.


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