Customer acquisition has always been one of the top agendas for banks and financial institutions. A higher number of customer accounts were directly proportional to a higher market share, and banks have always focused on this as their primary strategic goal.
However, the emergence of new-age technology-enabled market entrants and the ever-evolving customer expectations, has resulted in heightened competition within the banking industry and consequently led to high customer churn for both incumbents and the new entrants.
The preferred strategy to stem this churn and retain customer relationships, is to leverage digital technology to improve the customer experience and strengthen their relationship with the bank.
This whitepaper, developed by IBS Intelligence and Temenos, analyses the dynamics and drivers of customer retention and looks at the various strategies that currently in play within the European banking industry.
The objective of this whitepaper is to give the reader a fresh perspective on the criticality of customer retention and how digital technology can help in developing an effective strategy.