For multiple reasons, millions of Americans consider switching financial institutions each year, but don’t. On the other hand, keeping them active is a challenge. Dormant accounts can cost financial institutions millions in lost opportunity. Do you know how to re-engage themDOWNLOAD PDF
Measuring retention should be an ongoing process, tracking increases or decreases over time and identifying how to improve it if necessary. Tracking other variables, such as length of relationship, number of products and demographic factors, provides visibility into where you’re falling short in product offerings to certain market segments and allow you to adjust your cross-sell initiatives.
Why would a Facebooking, Snapchating millennial be interested in opening a checking account at your financial institution? Younger consumers live on their mobile devices. According to Facebook, the average millennial checks their phone more than 150 times a day. They seek information via online tools and engagement via apps.
The potential for identity theft has increased astronomically and financial institutions are doing everything they can to build back customer confidence and trust; below are a few great ways to accomplish this in the wake of recent industry breach events. As it turns out, building account holder trust often comes down to customer engagement.