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Across the nation, banks seeking to create deeper relationships with their customers are focused on their existing customers rather than on their newest customers. The research reveals that a significant portion of bank investments in Customer Relationship Management (CRM), lead management, cross-selling and retention aimed at the mature customer base might be misdirected. Why? One of the most striking findings in the performance metrics is that most cross-selling opportunities occur during the first few months of a customer relationship. And in a refrain heard repeatedly through dozens of executive interviews, senior bankers at many financial services companies said that customer attrition rates are significantly higher at the beginning of a relationship than when a relationship is six months old or older-sometimes as much as 100 percent higher.
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