Win-back

Retaining Accounts While You Still Can

1,600 Accounts Retained

Business Problem

Like a lot of banks, this community bank used paper forms to document why customers close accounts. The forms were to be completed in the branches and faxed to the back office and tracked in a master spreadsheet. This process rarely happened. So the first thing the bank and FI Works set out to do is run 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.

Our Solution

Even though Win-back campaigns can have marginal results because some reasons are 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. 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 the bankers didn’t know why accounts were being closed.

Campaign details of how it worked.

The Win-back campaign was driven out to the branch channel to improve the process of collecting 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 to get an accurate assessment of why customers were leaving or closing accounts.

“The most effective win-back campaigns are where the bankers have the authority to make an offer to the customer on the spot.”

Keith Henkel, CEO, FI Works

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 would help make sure any discussions with the customer were in time to make a difference.

Getting In-front of it with Intelligent Retention

As more information is tracked on the win-back programs and customer attrition data points, the bank will use FI Works to get ahead of game with proactive retention campaigns targeting “at risk” customers. FI Works’ Intelligent Targeting will analyze trends for reasons customers leave and any patterns that might indicate when a customer could be at risk. Knowing its customers at this level will enable the bank to better serve customer needs.

Win-back results will always be marginal because some reasons you can’t control – the key is to know the controllable reasons and get ahead of them.

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 – i.e. for the closed account task lists, was the reason for the account closing completed in a timely fashion. What became clear fairly quickly is that the bankers didn’t know.

The Power of Asking “Why”

Bankers didn’t want to have to place phone calls to customers after the fact, so they started asking “why” at the time a customer were closing the 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 will be 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 the account. FI Works’ tracking will be instrumental in showing what offers make a difference so bankers can take control.

The Proof is in the Numbers

  • 1.5% Customers Spoke to Stayed
  • 1,600 Accounts Saved over 2 Years