Financial services institutions (FSIs) are once again
focusing on retaining their existing customers, but with
little success. Given a lack of clear metrics on what
attrition is and no enterprise focus on the problem,
FSIs are reactively rather than proactively trying to
hold onto customers. To achieve success, FSIs should
think more strategically about retention by baking it
into every step of the customer life cycle: target,
acquire, service, and develop. Smarter use of the
technology tools available, revisiting processes to
improve the customer experience, and ensuring the
organizational culture supports retention are all ways
to improve attrition rates. pdf 2007
