Winning the primary relationship race: maximizing customer lifetime value in banking

Episode 21 of Banking Reinvented focuses on the strategies banks can adopt to grow revenue, particularly by optimizing customer relationships through personalization and AI.

Host Tim Rutten is once again joined by Thomas Fuss, CTO at Backbase, to discuss the challenges in the traditional banking model, where the focus often stops at customer acquisition. They explore the concept of customer lifecycle orchestration and the importance of breaking down organizational silos to deliver personalized services that meet evolving customer needs.

Tune in to discover how banks can implement customer-centric growth strategies to ensure long-term growth. 

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(00:00) - Welcome to the ‘Banking Reinvented' podcast

(00:37) - Announcement of Backbase's partnership with CIH Bank Morocco

(01:18) - Introduction to customer lifetime value

(03:47) - Challenges banks face in customer retention vs. acquisition

(07:00) - The role of orchestration in the customer lifecycle

(09:58) - Using personalized services to deepen customer engagement

(12:43) - AI's impact on customer engagement and revenue growth

(16:30) - Breaking down organizational silos

(21:50) - Key takeaways 

(24:00) - The evolving role of technology in customer engagement

(29:50) - Episode wrap-up