The American Bankers Association reports the average U.S. bank has an attrition rate of 12 to 15%—and some as high as 25%!In today's competitive environment, efforts to keep the customer should be as well planned as programs designed to attract them in the first place. The best way to improve the probability of loyalty is by increasing the depth of the relationship. Studies show the more products a consumer has with your organization the less likely they are to defect over time.
Since the majority of accounts are still opened or closed in the retail branch the importance of a thoughtfully designed space that exposes visitors to all lines of business and instills a sense of comfort and trust is at an all time high.
Remember, your competitors are trying to get your customers, what are you doing to keep them? Which leads me to…
Your Retail Challenge: Tour some of your branches and discover what the branch environment and personnel are doing to cross-sell and deepen the relationship.
Some Inspiration:
Mavericks at Work by William C. Taylor & Polly LaBarre
Customer Experience Management from Aberdeen Group
Customer Relationship Snapshot: Banks from Forrester Research
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