Attrition

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Bancography's Attrition Study identifies an institution's customer retention problems and presents strategies on how to avoid future lapses. Institutions must understand their own reasons for attrition and their impact on future business. While all motives for attrition are important, some are more detrimental than others. All institutions should identify what factors fuel their own specific attrition and then concentrate on mitigating those catalysts. Most closures are not the result of egregious errors by the institution. But if the customer perceives it as such, then the fault still lies with the institution for not better explaining account features, fees, policies, procedures or simply showing empathy.

Methods:

• Bancography will conduct a minimum of 100 telephone interviews
  (50 lapsed retail and 50 lapsed business customers)
• The open-end interview will identify:
  Primary and secondary reasons for defection
  Original reason for selection
  Which institution the former customer relocated and why
  Where the closure took place and how the staff responded
  Whether the closure could have been prevented and how
  Whether the lost customer will consider using the former institution again
• Bancography will deliver reports and recommendations within 3 weeks from the receipt of the calling lists