How to retain customers with analytics

Technology can be the marketing department's best friend. A great example is the use of analytics to retain customers. Bank Systems & Technology notes that Wachovia builds "attrition models" to anticipate if an individual might defect to a competitor. That gives staff a head-up in terms of reaching out to them. While the industry tends to focus on customer acquisition more than retention, there maybe a change underway. Technology and analytics are big reasons many banks now are taking their first steps toward understanding how to generate the right data and how it might be used. The credit card industry seems to have enjoyed the best returns so far. As with all things tech, there is a learning curve that must be traversed.

For more:
- here's the Bank Systems & Technology article