Using proprietary MetroMatch customer matching software, PNT pulled together customer records across multiple legacy banking platforms to develop the first clear picture of customer account holdings over a 24-month period. Next, PNT’s RightAttrit attrition model was used to develop a comprehensive picture of the bank’s “retention dynamics.” The analysis revealed:
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“Noise” in the data was creating the illusion of attrition due to piecemeal account losses
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As a result of multiple mergers, the bank was offering too many types of checking account – neither customers nor branch staff could make sure customers opened the appropriate one for them, leading to dissatisfaction
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One region of the bank was failing to grow balances; another was retaining customers but suffering from balance runoff
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Existing metrics, tools and programs were being implemented inconsistently, yielding poor results
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What attrition there was resulted from failing to keep up with changing customer needs, not basic customer service failures
PNT recommended a series of programs to move customers to the right accounts and monitor their relationships over time, reducing balance runoff, attrition and costs.