Three tips for retaining customers with overdrawn accounts

No matter the industry, customer retention should play a critical role in your business model—and financial institutions are no exception. While acquiring new customers is always top of mind for financial institutions, retaining existing customers might be a smarter business move when it comes to growing and remaining profitable.

When the goal is to increase your retention rate, there are a lot of different areas to consider. One area that may not currently be a priority are consumers with negative share accounts. This untapped market is not the easiest to re-engage, but with a little guidance, you’ll be on the road to preserving relationships and building loyalty with these clients who have overdrawn accounts.

According to the Harvard Business Review, increasing member or customer retention by just 5% can increase profitability by between 25 and 95%. Here are some tips to assist with resolving overdrawn accounts and more importantly, re-engaging consumers.


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