During an M&A, customers must know they are valued and how they will benefit from the changes, or they will leave — taking many high-end assets with them. Attrition rises to twice the industry average when the subsequent financial institution has low customer engagement.
Customers from acquired financial institutions leave at a higher rate (8%) than the industry average (5%)2 — 64% leave in the first month.3
Conversely, when the acquiring financial institution has higher customer engagement, the attrition rate on the target institution falls to six percent.4
The right engagement strategy can help new customers feel welcomed, valued and assured, increasing the likelihood they will remain with their new financial institution.
The right customer engagement strategy can help new account holders feel welcomed, valued and assured, increasing the likelihood they will remain with their new financial institution.
* Gallup Business Journal, Bank Mergers May Chase Away Customers, June 2, 2015
**Deloitte Center for Banking Solutions Survey
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