Category: Customer Churn Management

Customer Experience Management Trends

Customer Experience – The new bedrock for consumer banking

The new bedrock for consumer banking: Customer experience is not a fad but has the potential to make or break a bank’s revenue. A recent research report from Capgemini revealed that more than half of bank customers are dissatisfied with their retail banking experience. The report also reveals that dissatisfied customers are increasingly choosing competing banks over their present service providers. Therefore, in order to stay profitable...

Effective Customer Retention through Early Customer Attrition Detection

Effective Customer Retention through Early Customer Attrition Detection

Communication to customer across channels should be consistent. For example, imagine the irony when a customer has a service issue, is agitated and has lodged a complaint, he receives a call from the Inside Sales team regarding a banking product sale. Hence, it is important to avoid disconnected and impersonal marketing campaigns to avoid customer churn which has become a major problem in banks today. Curing churn is possible with the help of right technology, active involvement of all the stakeholders across functions in fighting against the identified churn root causes, and an organizational level strategy to prioritizing excellent customer experience above anything else.