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Closing In on Bank Customer Churn

Closing In on Bank Customer Churn Poor treatment or lack of branches or ATMs when they move are some reasons why bank customers switch banks; consider boosting loyalty by offering and promoting sticky services, one analyst says. by Coreen Bailor www.destinationcrm.com/Tuesday, May 29, 2007 Three in ten bank consumers would defect from their primary banking service provider if courted with competing offers such as fewer fees, higher rates, identity-theft insurance, or even a gift, according to "Online Banking: Stealing Customers from Competitors," a Jupiter Research report. The report slots banking online consumers (defined by Jupiter Research as online consumers with a checking or savings account) into four buckets: switchers, movers, loyalists, and diehards. In the switcher subset, 39 percent are between the ages of 18 and 34 while 27 percent are older. Report findings are based on a June 2006 Research/Ipsos-Insight financial services consumer survey of 3,316 U.S. online u...
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Customer Analytics: It's All About Behavior, by Roman Lenzen

Customer Analytics: It's All About Behavior Not all 45- to 55-year-olds with a household income between $50,000 and $75,000 have the same purchase interests and spending habits. For this reason, static demographic data should not be used as the building blocks of a well-defined customer segmentation system. Demographic data may be used to describe customer segments (profiling), but it is much less effective in distinguishing interests and spending habits than customer behavioral data. Behavioral data goes beyond knowing that a customer has purchased a certain product. It involves capturing customer events and actions over time and using these stored interactions to determine typical behavior and deviations from that behavior. Customer analytics exploit customer behavioral data to identify unique and actionable segments of the customer base. These segments may be used to increase targeting methods. Ultimately, customer analytics enable effective and efficient customer relationship m...
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Millennials: The new business segment in market.

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  The COVID-19 pandemic changed the way customers spend their money. New habits, new needs, new channels. But this problem is not the only one that marketing and sales people have to address in our days. Brands have to face another major challenge in order to attract and keep their customers satisfied. There is a new powerful business segment around here… Millennials: The new business segment in market. Millennials poised to be the biggest spenders, as they move into their prime earning and spending years, so millennials dominate conversations around product strategy, marketing, sales channels. The economy in one word. This generation is so different, so all brands must see and interact with them as a unique consumer in order to draw their attention and business. Let’s take a look at who Millennials are, what are their purchasing habits and why they buy. They were born sometime between 1982 and 1996, so they’re around 25 – 39 years old. Only in the U.S. there are more t...
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