DHEP-API

Build your own digital health apps or add functionalities to your existing ecosystem.

DHEP White Label (DHEP-WL)

Use our configurable software to publish your own branded health and wellbeing apps.

dacadoo SaaS

Give your customers access to the ready–to–use dacadoo health app. 

Health Score

Use Health Score feature as part of our holistic DHEP solutions or integrate it as standalone functionality via HS-API.  

Explore all our DHEP solutions

Acquire Customers

Become a leader in proactive digital health promotion and attract new customers to your business. 

Retain Customers

Foster long-term loyalty and reduce attrition among your customers and employees by engaging them in their health and wellbeing.

Engage Customers

Use personalized data-driven insights, wellbeing advice, and incentives to boost customer engagement and increase cross-selling and up-selling opportunities. 

Find out more about how dacadoo can help you!

Insurers

Promote healthier lifestyles among members to mitigate risk, increase sales, and reduce customer churn.

Health Providers

Attract and retain customers by empowering them to make better lifestyle choices and improve overall wellbeing.

Retailers

Use data-driven customer insights to make personalized recommendations that drive engagement and sales.

Employers

Promote a healthier lifestyle among the workforce to enhance productivity, reduce absenteeism and sick days, and foster a positive wellbeing culture.

Banks

Cross-sell life or health insurance to your existing customers or use lifestyle data to create personalized offers that drive customer acquisition and engagement.

Find out more about how dacadoo can help you!

Management Team

Meet our Management team, whose expertise, passion, and innovation are transforming the healthcare engagement landscape.

Scientific Advisory Board

Comprising renowned healthcare and data experts, our Scientific Advisory Board ensures the scientific rigor and efficacy of our health engagement technology.

Our Team

Get to know the dedicated individuals powering our daily operations. Our dynamic and collaborative team is the heartbeat of our organization.

White Papers & Reports

Get the latest in-depth industry research trends and analysis.

Infographics

Visualise our latest health data and understand how dacadoo supports businesses globally.

Webinars

Watch our latest recordings with leading speakers. Gain industry insights and expert guidance.

Flyers

Download industry flyers. Deep-dive into our suite of customer health engagement and health risk quantification solutions. 

Use Cases

Explore our Use Cases for great examples of how our clients have transformed with the use of our technology.

10 Effective Customer Retention Strategies for Banks to Boost Loyalty

•   5 minutes read

In the highly competitive banking industry, customer retention is more than just a strategy—it’s a necessity. Retaining customers is not only more cost-effective than acquiring new ones, but it also significantly boosts profitability. This article delves into effective strategies for enhancing customer loyalty, from personalized services and digital transformation to community involvement.

Key Takeaways

  • Retention is king. Focus on keeping existing customers happy—it’s more cost-effective (and profitable) than acquiring new ones.
  • Use data to understand customer needs and personalize products, services, and communication.
  • Leverage multiple platforms to gain deeper customer insights and improve retention.

By now, everyone’s heard this piece of business advice: retaining existing customers is more cost-effective than acquiring new ones. What may be news to you is it can be as lucrative as it is affordable. By prioritizing customer retention, banks can unlock significant opportunities for growth and profitability. This guide shares 10 strategies to improve customer retention in banking. Discover how to transform your bank into an organization that inspires loyalty.

10 Customer Retention Strategies for Banks

1. Personalized Services

Analyze customer data to offer products and services tailored to your customer’s individual needs and financial goals. This can be loans aligned with your customer’s aspirations of buying a house, or investment advice that considers their risk tolerance. Beyond financial products, personalized communication is a great tool. Use customer data to send messages and special offers that resonate with your customer’s specific needs so they feel valued and understood.

2. Digital Transformation 

Convenience is king in our digital world. Build a user-friendly online and mobile banking platform that allows customers to manage their finances anytime, anywhere. Use dacadoo to personalize the experience further—motivate customers with health challenges and use data to create cross-selling opportunities. According to a Deloitte report, 69% of brands that deliver personalized experiences improved customer loyalty and customer lifetime value.

3. Financial Education

An informed customer is a loyal customer. Workshops, seminars, and educational content in the form of articles and videos give customers the ability to self-manage their money and plan for the future. Empowering customers to make informed decisions strengthens your relationship and reputation as a trusted financial advisor.

4. Data Analytics 

Utilize analytics to understand customer behavior and preferences. Look at data from various sources for a holistic view of your customers—combining transaction data with demographic information, website behavior, and health and lifestyle data from your health engagement platform. Identify at-risk customers and develop targeted retention strategies based on these insights, like incentive-driven cross-sells. 

5. Customer Engagement 

Your customers want to engage with you beyond banking. A Gallup poll found that fully engaged banking customers bring 37% more annual revenue than actively disengaged customers. Traditional bank-customer touchpoints like in-person, phone, online, and in-app support should remain firm as your baseline, but there’s always the opportunity to introduce a new avenue for engagement

Digital health platforms like dacadoo take a lifestyle-focused approach to well-being, with engaging features that complement your customers’ financial goals. Regular surveys and feedback mechanisms also give your customers a voice, helping you improve your products and ensure they’re aligned with what your customers truly want.

6. Relationship Management

Regular check-ins with account managers ensure your customers receive continuous value, creating a sense of partnership and exceeding expectations. High-value customers should have account managers to provide personalized service and ongoing guidance as their financial needs evolve. These dedicated managers can become trusted advisors, offering proactive support and ensuring the customer feels they’re in safe hands. 

7. Competitive Products and Rates

Cost has always and will always matter. While good customer service and digital support are important, customer retention hinges on your customer’s perception of value. While interest rates may not be easily adjusted, you need to ensure your overall product offering and services are a compelling reason for customers to stay. Offer competitive rates where possible, and drive it home with innovative new products and wealth management tools to cater to evolving financial needs and preferences across diverse customer segments. 

8. Customer Service Excellence

Well-trained staff are crucial to a positive banking experience. Unfortunately, according to IBM, only 17% of centers can find and recognize problems that negatively impact the customer experience. Invest in staff training to make sure customers can trust your team to handle inquiries and problems efficiently and with a solutions-oriented approach. Multichannel support (phone, email, live chat, social media) also caters to diverse customer preferences and ensures accessibility on their terms. 

9. Transparency and Trust

Customer retention is built on relationships, and relationships are built on trust. Achieve this through clear communication of fees, terms, and conditions. Leave no room for misunderstandings—provide detailed product information in plain language to create the financial literacy customers need to ensure they understand the products they use. Transparency and security go hand-in-hand, so invest in robust security protocols to protect customer data and instill confidence in your systems.

10. Community Involvement 

Participate in community service and environmental initiatives, demonstrating a commitment to a positive social impact. Engage with the local community through events, sponsorships, and partnerships to build deeper connections. Take it digital by incorporating it into your app offering—dacadoo is a health engagement platform that allows customers to connect with friends and colleagues for support and motivation. 

Examples and Case Studies

Banco BMG: Boosting Sales and Retention Through Analytics

One of Brazil’s major retail banks, Banco BMG, saw the challenges of the pandemic and prioritized a seamless customer experience across all channels. To improve retention, they analyzed 100% of customer interactions and pinpointed agent behaviors that most impacted customer satisfaction and retention. Real-time data on common objections and effective sales tactics gave agents actionable insights. This data-driven approach led to a remarkable 500% increase in customer retention.

Read more here

Citigroup: Relationship Management in Australian Wealth Shift

Citigroup’s Australian strategy emphasizes retaining both high-net-worth clients and top private banking talent. By exiting the mass market after the royal commission and focusing on wealthier clients, they’ve seen a 32% surge in assets under management and a 27% increase in private banking staff. This success hinges on attracting skilled relationship managers with multilingual expertise and offering a wider range of investment options—a client-centric approach that fosters loyalty. Citigroup’s high retention rates for both clients and advisors demonstrate the effectiveness of this strategy.

Read more here

Cathay United Bank: Personalized Services Driven by Data

Cathay United Bank, a leader in Taiwan’s digital space, prioritized customer retention through personalization. They leveraged data to understand individual needs, e.g., loan options tailored to customers’ interest rate priorities, not just the bank’s default. This data-driven approach fostered customer connection and loyalty. By analyzing user journeys, they identified areas to improve the banking experience, leading to a 20% retention rate increase.

Read more here

How dacadoo Helps Banks Retain Customers

It’s clear that banks need to leverage digital platforms to truly connect with their customers. This is not a novel idea, but there are numerous ways—with varying successes—to put it into practice. The best companies expand their reach beyond traditional channels, leverage more data, and personalize interactions for better customer satisfaction.

dacadoo helps banks differentiate their brand with our Digital Health Engagement Platform (DHEP). Center health and wealth management to your brand and create loyalty through personalization and incentives. Book a demo today and see how you can transform your approach to customer retention.

Marketing Manager

Contents

Featured Articles

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Book a Demo

Ready to explore what dacadoo can do for you?

Book a demo now and see how we can tailor our solutions to meet your unique needs.



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