- March 1, 2017
- Posted by: Eileen Sullivan
- Category: Customer Experience, Retail Banking
Time for a Customer Experience Audit!
Dissatisfaction with a bank in terms of its service quality, fees, rates, products and convenience are consistently named as the controllable drivers of attrition. When was the last time your bank conducted a customer experience audit to specify customer pain points throughout your organization? For most banks, the answer is “never”. We often see banks are making process and compliance-driven decisions at the expense of the customer experience, customer relationship, and customer profitability.
If your bank is experiencing higher than average attrition rates or an increase in attrition rates, it’s time to take a closer look at what is driving attrition – and retention – at your institution. In CPG’s experience, attrition risk is often created in three key process areas: new account opening, problem resolution, and account mapping/transition during major product line changes and/or merger integration. Consumers today have less tolerance for pain, and, while there remain barriers to switching banks, those barriers are lower today.
CPG has conducted numerous engagements helping clients identify, document and change processes, procedures and mindsets that can lead to poor retention rates. We work with your team to create solutions that make sense for your customers and your bank. While there is no silver bullet or ‘one size fits all’ solution to decreasing attrition rates, your bank could be surprised to learn that some simple changes could achieve best-in-class retention rates and improved profitability.
Call (202-337-7870) or email us today to discuss in more detail.