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Attrition is normal, but 20-30% of customer churn can be attributable directly to customer service issues, and other things within your control. Plus, in a post-Covid world where fintechs are proliferating, many financial institutions are seeing “quiet attrition” – where some of a customer’s business leaves the bank, but there’s no formal closure of accounts. What can you do within your bank to address and prevent these forms of churn?
In this episode, Dan Novalis and Chris Bates discuss methods that can help you retain customers, from advertising and marketing campaigns, to data analysis, and technology.
Topics Include:
- What is “quiet attrition”?
- Specific steps you can take to lower customer attrition
- How to identify attrition-likely customers before it’s too late
- Why you should offer added value with resources and education
- Minimizing friction in the customer experience
- And other topics…
Resources Mentioned:
- Boston Consulting Group Study- How Banks Can Close the Back Door on Attrition: https://www.bcg.com/publications/2017/financial-institutions-marketing-sales-how-banks-close-back-door-attrition
- Read more about Filament: https://www.runfilament.com/
- Email Dan to inquire about the Filament attrition-reduction pilot: [email protected]
- Website: The Bank Marketing Show
- Email: [email protected]