customer retention

Items include

BID Newsletters
Feb 7, 2023
Customer rewards programs matter. Converting loyalty programs to loyal customers necessitates simplicity, creative thinking, and ongoing awards. Anything short of this will leave customers flat and see them jump ship for other financial institutions with more appealing rewards programs.
Jan 24, 2023
Data mining has become increasingly important for tailoring products and services to the needs and desires of customers. But not all data is created equal and CFIs should take steps to utilize customer information that others do not have access to.
Jan 9, 2023
The latest Fed rate hikes have some challenger banks offering CD rates above 4%. CFIs may be reluctant to compete at that level, even as deposits outflows happen, but there are strategies CFIs can use to help convince good customers to leave deposits where they are.
Jul 18, 2022
CFIs can’t rely on inertia to keep their customers. It can cost around $300 to acquire a single customer. By paying attention to the reasons that clients switch providers, you can help ensure that attrition doesn’t erode your customer base. We explore the key reasons that customers leave their banking institutions.
Jul 12, 2021
Lending is at an all-time low for many financial institutions. Using data can expand your SBA lending and supplement your loan portfolio with the lower risk of government-backed loans. We explore three data strategies to increase your lending efforts, including using third-party data, leveraging your CRM data, and even mining your loan data.
Apr 30, 2021
Subscription banking is still not widespread. However, there are many customers who subscribe to other services, such as Netflix, and are familiar with this business model. Subscription banking may make sense for some community financial institutions to increase fees in a way that many customers could accept. We discuss how customers view fees, how this model could promote loyalty, and provide a few examples of financial institutions that are doing it.
Apr 9, 2021
Research has found that people who take care of themselves physically, are also more financially fit. Having all-around healthy bank customers can increase a community financial institution’s profitability. So, we bring you three examples of financial institutions that are incentivizing their customers to stay physically fit and financially healthy.
Mar 9, 2020
Credit cards for entrepreneurs could be an untapped market for community financial institutions. This insight comes from a few different studies, which we want to highlight today.
Nov 1, 2019
Customers don't like waiting in line. We provide some tips to make it easier.
Oct 8, 2019
A number of surveys provide insight into the confidence of small businesses. We give you a summary.
Sep 10, 2019
Customer fees are a good source of revenue for financial institutions. But, can elective fees work?
Sep 6, 2019
Looking for ideas to enhance communication with your customers? We provide some new insight.
Sep 5, 2019
Closing an account is never fun. But, doing it the right way could earn you points with the customer.
Jul 18, 2019
With the high cost of college, students need to take on more debt than ever. Connecting with these young customers and educating on managing debt may earn your bank life-long customers.
Jul 12, 2019
The findings from a recent study may give bankers food for thought on how they address new products and services. We give you the highlights.
Jun 17, 2019
Community bankers support medical professional customers already. However, many in this group need special attention, since their education did not include how to grow their practices, let alone just run a business.
Jun 12, 2019
In this competitive market, it is clear that banks need to focus more intently on customer engagement. We provide you with the top four ways to do this.
Jun 7, 2019
Have you integrated your digital and nondigital marketing? It may be time.
Mar 6, 2019
Improving customer retention can also enhance customer profitability. You may want to consider some of these ways to boost both.