National Commerce Financial Sees Significant Improvement in Customer Retention

Friday 25 June 2004 13:04 CET | News

National Commerce Financial has experienced a significant improvement in customer retention using Synapse financial services solution, Synapse Daily Deposit Manager (SynapseDDM).

Based on annualized results of actual data gathered from mid-November 2003 through March 31, 2004, the Memphis-based institution, when comparing the work group (using SynapseDDM) to the control group improved retention from 91% to 94%, representing a reduction of its household attrition by 34%. SynapseDDM uses long-term transaction behavior to identify and provide retention and cross-sell opportunities. The system leverages the Synapse Transaction Behavior Marketing methodology to interpret and compare current behavior to that specific customers historical behavior. By using a series of formal statistical methods, the daily customer specific behavior analysis recognizes significant behavioral changes and instantly identifies new sales and service opportunities. Based on this information, financial institutions can immediately leverage call center, e-mail, direct mail, relationship banker, and other customer contact communications to take advantage of these opportunities.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce