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 showing empathy.
Bancography’s instrument will measure five areas from retail and/ or business customers:
- Primary and secondary reasons for defection
- Original reason for choosing institution
- Identity of new institution and why
- Reaction of representative and attempt of closure prevention
- Consideration of utilizing in the future