Items include
- 1 Whitepapers
- 1 Podcasts
- 34 BID Newsletters
customer retention
Whitepapers
Jan 24, 2024
Using advanced modeling and analysis, community financial institutions can make informed decisions to thrive in a competitive deposit rate environment while maintaining the trust and loyalty of their customers. Offering attractive deposit rates is essential to retain existing customers and attract new ones. In this Industry Insights paper, we explore strategies to effectively compete and emphasize the importance of data-driven decision-making.
Podcasts
May 8, 2023
Excellent customer service can be a crucial differentiator for businesses. Done well it can help your institution attract and retain customers and drive bottom-line results. Join us as Dennis Snow walks us through proven principals for delivering outstanding customer experiences.
Mar 26, 2024
Small business customers have no shortage of financial service options, from traditional banks to fintech offerings. Fostering loyalty among this group not only requires providing them with added value, but with the sense that your CFI understands their individual businesses and their unique needs.
Mar 14, 2024
For banks, the big three issues for 2024 are deposit growth, customer acquisition, and digital enhancement. Those three are perennial list toppers. We discuss why that is and how 2024 will shape your approach to meeting those priorities.
Mar 12, 2024
When it comes to pricing deposits and loans in a competitive market, CFIs must correctly strike a delicate balance between each customer’s needs and their own profitability. Relationship pricing, based on customer profitability, can play a critical role in determining the best loan structure and deposit rates to maximize a customer’s lifetime value to your CFI. We provide insights on what factors to consider as you price products based on customer relationships, as well as the impact of adopting relationship pricing on your institution.
Jan 8, 2024
Business banking is most CFIs’ bread and butter. But many businesses have more than one banking relationship. To become a customer’s primary provider, CFIs will have to develop the ability to provide full cash visibility, multibank reporting, and multibank transactions.
Dec 28, 2023
As we continue down memory lane, we revisit this June 6 article on deposits: When it comes to deposit stickiness, finding creative new ways to serve your customers and build their loyalty can help keep your customers.
Dec 13, 2023
Business customers are switching financial institutions for a variety of reasons, but the new FI may end up being the same as the old FI — or worse. We detail the pros and cons that business customers weigh when they consider a switch — and what your CFI can do to make sure you’re the winner on either side of the equation.
Dec 7, 2023
According to a recent Salesforce study, customers want two things: help preparing for economic uncertainty and a personalized experience from their financial institutions. We provide tips on how to connect customers with the guidance they need.
Nov 21, 2023
Financial institutions that excel at customer service can see benefits in retention and loyalty. But to be good at it requires vigilance and a dedication to constant improvement. We discuss five ways you can improve your customer service.
Sep 26, 2023
Voice of the customer programs are getting ever more sophisticated, particularly with the aid of AI-powered analytics. We delve into the technical details that would be involved with implementing such programs.
Aug 1, 2023
As financial institutions strive to identify deposit rates to help them remain competitive and profitable, customer profitability modeling offers greater transparency regarding when higher deposit rates do and do not make sense for banks’ bottom lines.
Jul 25, 2023
For small businesses that don’t need a loan, mobile banking is one of the most valuable tools a CFI can provide. It lets customers bank where they want, whenever they want. In addition to providing customer convenience, mobile banking can also help your institution to increase loans and deposits, and sell other business services.
Jun 6, 2023
An average customer can probably walk away from their current banking relationship and find another that will pay them a higher interest rate on deposits. But average customers are largely not walking away from their existing banking relationships. We discuss why customers stay put and how to use those reasons to your advantage.
Jun 5, 2023
Owning fractional stock in a company — less than one whole share — is becoming more popular, particularly among younger people who are just starting their careers. CFIs can now offer their customers fractional stocks of a merchant company participating in their debit card reward program. We detail how and the benefits of doing so.
Jun 1, 2023
Following recent bank failures, there is a sense of unease in the industry and depositors may have concerns about the reliability of their institutions. We share four strategies CFIs can use to effectively communicate with their customers and alleviate their fears.
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.
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.
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.
Mar 6, 2019
Improving customer retention can also enhance customer profitability. You may want to consider some of these ways to boost both.
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 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.
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 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 7, 2019
Have you integrated your digital and nondigital marketing? It may be time.
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.
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.
Mar 30, 2023
With two banks closing their doors, and a digital run on other financial institutions, consumers and businesses alike are concerned about access to their accounts. We provide strategies to strengthen your position with your customers, your community, and the financial industry.
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.
Oct 8, 2019
A number of surveys provide insight into the confidence of small businesses. We give you a summary.
Nov 1, 2019
Customers don't like waiting in line. We provide some tips to make it easier.