In a recent Credit Union Times article written by Richard Gallagher, CEO of Oak Tree Business Systems, Inc., talks about the causes of why members decide to switch financial institutions. With everything going on in the world right now, it is crucial that institutions take the time to understand what their members need and what type of services they are looking for.
An excerpt from the article: "Nurturing relationship-based consumers can improve member retention and increase your chances of up-selling multiple products. Collecting specific data on your members can help you segment your relationship-based members. Once you segment them, you can further customize the experience by offering them products based on their financial history. The more personalized the marketing, the more they will respond. This creates a win-win for the credit union and the member."
Are you interested in reading more and learning about the 7 ways to help prevent consumers from switching? Well, CLICK HERE!