Keeping customers is a major concern for all banks. Even though more effort is being directed to retaining customers these days, average attrition rates run from 15% - 25% annually, depending on product type. Over the last two decades, the number of banks has decreased nearly 60% fueling increased levels of competition. Given that the size of the customer base is relatively stable, fewer large banks with more branches are fighting fiercely over the same sized market place. Attrition is a complex multi-faceted problem, but taking the right actions can significantly reduce the problem.
How to Battle Attrition:
- Become proactive about retention activities rather than reactive about regaining lost customers
- Communicate new opportunities or product offers to customers in a timely manner
- Continuously provide customers with account and product information
- Consistently provide high quality service
COA is a Retail Banking solution that can make a significant impact on reducing customer attrition.
Highlights
- Reduces many types of attrition including: Run down, Run off, and Churn
- Identifies impending attrition behaviors and triggers daily alerts so agents can take rapid action before it's too late
- Easily integrates with predictive attrition models so scores can be used as part of attrition prevention programs
- Assists agents in promoting retention centric products to customers
|
|
|
