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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.

Do you really need Customer Service? Think Again!

t doesn’t really take a genius to figure out that the entire banking industry is shifting from its traditional channel of branch based banking to newer channels like online, mobile etc. With 1 in every 4 internet users accessing banking online, customer experience is undergoing a dramatic paradigm shift. The entire thought process on how to approach customer experience management now needs to incorporate the fact that that alternate channels of banking are becoming the new primary banking channels. Banks which are aware of this shift will be able to continually delight their customers.

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