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For most retail banks, containing customer 'Churn' or switching is a priority for the business. Whilst banks spend generously on communicating with and attracting potential consumers, there is often less of a focus on preventing existing customers from switching. It is well documented that the more channels consumers employ in their relationship with a retail bank, the more likely consumers they are to stay with the bank. Internet banking and the online channel have proven this most recently. For example, Bank of America has found that consumers who use online banking have 80% lower attrition rates compared with those that do not.
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