How can banks retain their customers?
Nowadays, people have more banking 💵 choices and it’s easier than ever before to switch banks. So what drives people to stay or go?
We leveraged Beehive AI’s Qualitative Intelligence platform to analyze customers of a major Canadian bank and found some helpful insights:
35-44 y/o are the age bracket to keep an eye on. A person in that segment is 1.7X more ⬆️ likely to churn than not. (34% vs. 20%).
There are no gender differences; both sexes are just as likely to churn as not.
A customer who’s using the bank to file (or assist in the filing) their taxes is 2.75X less ⬇️ likely to churn. On the other hand, a customer using the bank for travel services is ~1.9X more ⬆️ likely to churn.
The top 2 reasons for churn are Price/Savings related reasons (32%) and Customer Service (28%).
Since it costs more to acquire a customer than to retain a customer, listening to what customers have to say is the best way to get them to stay.
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