For quite a while, it has been known that retaining customers is cheaper than acquiring a new one. Besides that, The conversion rate is considered higher for existing customers.
Still, Customer retention is a challenging process if your bank doesn’t have the right tool to achieve such a goal.
Keeping your previous customers is more beneficial for your bank’s ROI as it doesn’t require any additional investments.
So to help you master retaining customers at your bank, we gathered the most common challenges that keep your banking experience from enhancing, and we will show you how to solve them in this article.
Most banks lack offer personalization. But you can successfully predict customers’ needs by using the Alterian Customer Journey Orchestration tool to avoid overwhelming the customer with too many offers and information from all areas of the organization and get precise answers on your customers’ behavior.
Tracking customers’ behavior and patterns are the only way to find why they chose you in the first place, which will give you the chance to personalize your offerings.
Alterian’s Cross Channel Unification and real-time personalization simultaneously show up in all channels, depending on customer behavior.
Neglecting customer service:
Customers leave when they get frustrated because their complaints are not handled well or take too much time to resolve.
In this situation, your bank agent needs to react without delay. Alterian’s Real-Time CX Platform can prioritize customers’ complaints and identify your best customers at the moment, and automatically fast-track them to the right channel or agent. Hence, they receive the right level of service.
Lack of real-time feedback analytics:
It’s essential to get real-time feedback analytics to spot the defection of when your customers start to show signs of leaving. The Alterian Real-Time CX Platform enables you to listen for potential leave behavior and then trigger retention actions within 100 milliseconds.
It gives you a chance to retain more customers at a faster pace.
Lack of single customer view for all bank departments:
Effectively engaging with your customers relies on having the right tools that automate your processes so you can focus on making your customers satisfied.
Applying for a bank service can be conducted by visiting a physical bank branch, online banking, or calling the contact center. so it would help if you considered empowering your contact center agents with an omnichannel view for all bank departments and providing the most up-to-date information on a customer’s behavior directly to them
With Alterian’s Real-Time CX Platform, it is straightforward for a business user to set up this process and rapidly adjust the best recommendations from a specific user interface. Alterian will create a better experience with more upsell or retention success.
Banks should consider new revenue streams when planning the 2022 Customer Experience strategy and manage the challenges to minimize Customer Churn. It became essential for retail banks to invest in emerging technologies to remain resilient throughout the retail banking cluster.