One Word Answer To Bank’s Customer Retention Problems

One Word Answer to Bank’s customer’s Retention problems

Make no mistake, a significant portion of account-holders want to switch their banks. EY found that over a 12-month period, 52 percent of those surveyed had opened or closed at least one account, and another 40 percent planned to do so in the coming year. It’s obviously not wise to formulate a strategy in which ‘acquiring’ is given the first priority and ‘retention’ second. How can banks retain their valuable customers and searching for ways to control this situation? 

The one-word solution to this retention problem is “Engagement”. If banks are able to continuously engage with their customers and build a strong bond with them, they will be able to change and take control of this situation. In the current scenario, a strong and vital bond cannot be created overnight because customers rarely visit their banks offline. To stay in the race and stay ahead of times, banks require innovative banking engagement technology. 

What are the aspects that a bank should consider while choosing banking technologies which will help them create a long-lasting bond with their customers? Click on the image below for the points which should give you a precise idea.