There is a somewhat dated adage in business that it costs five times more to acquire a new customer than it does to retain an existing one. However, in focusing on this data point, many financial institutions lose sight of something even more important—connecting with account holders, creating positive experiences with your brand, and delivering value.
It’s much less expensive and more efficient to sell products and services to existing account holders with whom you have a relationship. Because you have earned their trust and loyalty, they will be more willing to try other products/services you have available. And, the more satisfied they are with your services, the more likely they are to refer new borrowers to your institution.
In this blog post, we’ll give you three simple tips that can help your institution build a lasting and fruitful relationship with your current account holders.
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