Business Problem

Like many banks, this community bank used paper forms to document why customers close accounts. The forms were to be completed in the branches, faxed to the back office, and tracked in a master spreadsheet. Yet, this process rarely happened. The first thing the bank and FI Works set out to do was initiate a campaign that would more effectively track why customers were leaving. The ultimate goal was to determine what they could do to proactively reduce attrition.


Even though Win-back campaigns can have marginal results because of reasons not controllable by the bank, FI Works’ first step was to set up a campaign that would help the bank understand why it was losing accounts. There was particular interest in checking account attrition. FI Works automated the process, so that when an account was closed, a task was generated and sent to a banker to simply select one of 15 reasons from a drop-down list. Surely, making the process automated and timely (the day after an account was closed) would give us better information we needed to save accounts, right? Wrong. It became clear that the bankers didn’t know why accounts were being closed.

Campaign Details

The Win-back campaign was driven out to the branch channel to improve the collection process of the real reasons customers were closing accounts. Daily task lists and tracking the bankers’ activities uncovered valuable perspective that empowered the bank to improve its customer retention. The details of the campaign are outlined below:

We solve the data dilemma in banking.

Solving the Data Dilemma

Daily Task Lists

Each day FI Works consolidates and cleanses the entire bank’s customer activity/data across all its banking system silos. This complete customer view made it possible to perform the analysis needed for an accurate assessment of why customers were leaving or closing accounts.

We make intelligent targeting easy for bank sales and marketing

Making Intelligent Targeting Easy

Timely Task Lists

Daily tasks were generated by the system and sent directly to the branch bankers for every customer account that was closed the day before. This makes sure any discussions with the customer were had in time to make a difference.

Getting In-front of it with Intelligent Retention

As more information was tracked on the win-back programs and customer attrition data points, the bank used FI Works to get ahead of game with proactive retention campaigns targeting “at risk” customers. FI Works’ Intelligent Targeting analyzed trends for reasons customers leave and any patterns that might indicate an “at risk” customer. Knowing its customers at this level enabled the bank to better serve customer needs.

We drive high-performance behavior.

Driving High-performance Behavior

Tracking Bankers’ Activity

The FI Works software platform not only generated daily account closing task lists, but also tracked the activity of each banker. FI Works monitored whether the inquiry for the account closing reasoning task was completed in a timely fashion. It became clear fairly quickly that the bankers didn’t know.

The Power of Asking “Why”

Bankers didn’t want to place phone calls to customers after the fact, so they started asking “why” at the time a customer closed their account(s). This not only improved information accuracy, but made a favorable impression on the customers. One of the most frequent reasons given was that customers thought the bank didn’t really “care”. Simply asking “why” made an immediate difference. Tracking interaction details, the FI Works platform reported 1.5% of customers bankers spoke with stayed – 1,600 saved accounts over two years.

Empowered to Make an Offer

The next step in the win-back program is to analyze other controllable reasons customers close accounts (i.e. another bank has a better interest rate, lower fees, etc.). Bankers will be empowered to make an offer on the spot – within limits – to keep a customer from closing an account. FI Works’ tracking is instrumental in showing what offers make a difference so bankers can take control.

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The Proof is in the Numbers

1.5% Customers Spoke to Stayed

1,600 Accounts Saved over 2 Years