The invisible threat: Understanding & overcoming silent attrition in your institution

Chances are, you’re not the only financial institution in your consumers’ lives.

The digital age of banking is here, and with that shift has come a rise in neobanks and other non-traditional, often digital-only financial institutions (FIs) offering your consumers attractive rates, lower fees, and a frictionless, convenient online experience.

It’s also led to increased instances of silent attrition—a phenomenon that’s tough but critical to detect early to have the best chance at repairing and retaining faltering consumer relationships.

What is silent attrition in banking?

Silent attrition occurs when a consumer gradually shifts their business to FIs outside of their primary institution. And it’s often described as “silent” because, by the time the FI notices the decline in business, it’s usually too late to retain that consumer.


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