Extending the Honeymoon (On-Boarding‪)‬

According to the Dove Consulting, the Boston-based research firm, first-year account attrition among banks averages 25-to-35 percent, with half of that attrition occurring within the first 90 days! So while a bank spends 70 percent of its marketing budget to bring new customers in the front door, 30 percent of them drift out the back every year. Many customers still select their bank based on location and convenience rather than products. A 2006 study by RightNow Technologies shows that 73 percent of customers attrite because of poor customer service, while the Rockefeller Corp. reported the same year that 68 percent of customers leave because they think their financial institution does not care about them.