Account Acquisition and Retention
Increased regulations are causing diminished margins for financial institutions across the nation. This is forcing financial institutions to find cost-effective ways to acquire new customers and put a strong emphasis on increasing customer satisfaction and retention. Many institutions find this very challenging as the traditional methods of incentivizing customers are very costly and provide zero return on investment.
Secure Identity Systems (SIS) as developed proven solutions and strategies to assist financial institutions in attracting new customers, improving retention, and generating non-interest monthly recurring revenue. SIS helps financial institutions differentiate themselves and add value to their customers by providing non-bank benefits that your customers want and need.
Secure Identity Systems’ 3 Step Process to Grow and Retain Your Customer Base
Step 1: Determine the value of a customer. Understanding what a customer is worth gives you numbers necessary to build a budget and measure ROI. According to the ABA, the average value of a customer is $413. Our experts can help your institutions identity the true monetary value of a customer to your financial institution.
Step 2: Identify product differentiators that are proven to be needed and wanted by your specific market.
Step 3: Effectively communicate to your staff, customers, and the entire community that you are offering solutions and services that other financial institutions in your area do not provide.
- 63% of consumers choose a new bank based on the incentives and rewards they offer
- 41% of customers are loyal to institutions that present them with new experiences, products, and services
- Banks have 90% when a customer uses 3 or more services through the bank
Secure Identity Systems not only helps financial institutions attract new customers and improve retention, we can show institutions how to use our proven solutions to generate new monthly recurring revenue streams, differentiate from the competition in their market, and reduce annual expenses.