Data & Analytics

01:15 PM
Connect Directly

Keys to Improving Customer Retention

Banks can enhance loyalty by keeping the customer's experience the center of their business.

Main Story: Analytics Are Becoming Increasingly Important Tools in Banks' Customer Retention Strategies

Analytics will play an increasing role in banks' retention strategies going forward. According to a report by TowerGroup senior analyst Rodney Nelsestuen, if banks also remain mindful of the following key enablers, they should see a marked increase in new customers and expanded relationships with existing ones. If done correctly, the Needham, Mass.-based consultancy says, each technique builds on the others in a linear fashion, ultimately leading to improved customer loyalty.

• Customer engagement -- a mutual connection between the customers and the financial institution during interactions.,

• Customer experience -- the customers' view of all interactions with the financial institution -- including product, delivery channel, people, process and technology -- across the entire relationship.,

• Customer satisfaction -- the degree to which the customers feel the institution is meeting their needs, within their range of expectations.

Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology - August 2014
Modern core systems are emerging as the foundations of effective channel integration and customer engagement initiatives.
Bank Systems & Technology Radio