Topics: Customer Experience
For retail banks, customer acquisition costs are high, and often don’t generate a positive business return. In fact, more than 40% of new customers will churn before costs are recovered, resulting in a negative value for the bank. This puts a lot of pressure on banks to make sure their customers are hooked from the get-go. The customer experience starts with onboarding, and the first 90 days can make or break your customer relationships.
There’s a lot that goes into making your onboarding program as effective as possible. Keep these seven steps in mind to ensure your customers stick around for the long run.
Maintaining a customer base in your CRM is just the first step in using the technology to support your sales and marketing efforts. It’s when you let the CRM data be the driving force behind your campaigns that you realize the most value.
That’s because CRM data can offer significant insight into how your customers and prospects think and act. In a recent report from Econsultancy and IBM Watson Marketing, 66 percent of organizations said CRM data was the best data for better understanding the customer journey. When you tap into this information, it can go a long way in generating business.
Before you kick off your next campaign, take into consideration the following ways you can apply your CRM data.
When it comes to talent management, it’s important that banks and credit unions focus not only on attracting and hiring top employees, but also on retaining them. High staff retention helps ensure consistent business operations, low overhead costs, and a positive company culture.
It’s no secret that happy employees are more likely to stay, so what does it look like to make employee satisfaction a top priority at a bank or credit union? Below are three tips for improving employee satisfaction across your organization to realize higher retention rates overall.
Topics: Goal and Incentive Plans