Many financial institutions’ marketing programs concentrate on recruiting new customers from the entire market footprint. Not enough effort goes into keeping accountholders who have already chosen to bank with your institution.
WordCom’s Life Event Trigger Monitoring program significantly changes that. The program offers financial institutions the chance to connect with their customers at crucial times when key events happen in their lives.
WHY CUSTOMERS LEAVE
While customer service is always a contributing factor to account closings, there are two other significant categories often overlooked. Studies of account closings show:
• 29% experience a life event
• 27% are dissatisfied with fees or a product fit or related fees
Customers in these categories must be handled differently than “customer service” problems.
WHAT IS A LIFE EVENT
Appropriate cross-sell or retention initiatives can address some customer lifestyle changes. These life events include:
• 3 Phases of a Household Move
• Newly Married
• Newly Single
• Birth of Child
• Emerging Collegiate
• Emerging Professional
• Empty Nester
Life events happen all the time and they affect the need for new accounts and changes to existing accounts and services.
HOW MONITORING IMPACTS CHANGE
Approximately 10% of your customer base will experience one or more life events each year. When you provide WordCom with a monthly MCIF file, our Life Event Trigger Monitoring program will watch and report on “pings” (flagged households).
• Positive Pings are analyzed and reported as High, Medium, or Low cross-sell/retention prospects.
• Positive Pings are provided weekly so branch staff or call center personnel can contact customers at these important times. Weekly reports also keep timely contacts manageable for your staff.
• WordCom provides call scripts for your staff, if needed. We can also provide email and direct mail components to support customer interaction.
• Performance Reports are compiled monthly for all positive pings to measure account status, cross-sell activity, balance levels, and more.
KEEP MORE, OPEN MORE
Improve retention and open additional accounts with the insights and advantages WordCom’s Life Event Trigger Monitoring program offers you. Contact us today to discover how it will help you.