Average customer attrition rate among retail financial institutions per year.
Percent of net income loss for each point of customer attrition represents.
Average acquisition cost of a new customer.
Customer attrition within the first 3 to 6 months can be up to 200% higher than higher annualized attrition rates.
Consumers that are “branch only.”
On average, only 33% of bank customers have a valid email address.
Average email addresses that an institution has for their customers are undeliverable.
Consumers that are “digital only.”
Wallet share of an average customer with a single institution.
Of customers have only a single service.
Of buyers are willing to pay more for great customer service.
By the end of 2020, customer experience will overtake price and products as key differentiators of a brand.
The number of data elements per $1 billion in assets an average financial institution has.
Percent of keyed customer data that has errors.
The number of new addresses added every year.
The rate that a financial institution’s data decays each month.
1 in 6
People in the US move each year, and 15% leave no new address.
up to 25%
Percent of data in the average financial institution’s CIF/CIS that is incorrect.
Percent of financial institution executives that say their quality of data used in marketing and BI is unacceptable.
*Sources: Tower Group, Bank Administration Institute, Gartner Group, Fiserv, FDIC, USPS, Deliotte, PWC, Forrester Research, Walker, Nutshell, Digital Banking Report