{"id":5265,"date":"2021-07-30T07:27:00","date_gmt":"2021-07-30T05:27:00","guid":{"rendered":"https:\/\/mwk.speckmann.com\/vaccinate-your-bank-against-customer-churn\/"},"modified":"2024-08-05T19:11:26","modified_gmt":"2024-08-05T17:11:26","slug":"vaccinate-your-bank-against-customer-churn","status":"publish","type":"post","link":"https:\/\/mwk.speckmann.com\/en\/vaccinate-your-bank-against-customer-churn\/","title":{"rendered":"Vaccinate your bank against customer churn!"},"content":{"rendered":"\n
Do you want to generate additional income immediately and improve customer loyalty at the same time?\nNo problem! <\/p>\n\n
The quickest and most effective way to do this is to cross-sell and up-sell a selection of value-added services from these areas:<\/p>\n\n
The magic word:<\/strong> emotions!\nEmotionalize your customer relationships with the right additional services and measurably increase your customers’ satisfaction. <\/p>\n\n An analysis carried out by Mehrwerk has shown that the cancellation rate for value-added account holders who have used at least one service is actually only 0.2% (!).<\/p>\n\n Successful examples from our pool of over 400 (!) value-added services are:<\/strong><\/p>\n\n And on the condition that your customers pay with your bank’s payment cards, the following points also apply:<\/strong><\/p>\n\n Provided that the following success factors are taken into account, customers can be retained even with price increases.<\/p>\n\n A bank that introduced priced value-added accounts with us has around 150,000 private current accounts.\nOf these, 63 % = 95,000 customers have now opted for the expensive value-added account – let’s call it the golden account here. <\/p>\n\n If you ask these customers, the “perceived value” of the additional services is a few hundred euros.\nThe purchase price of the value-added services for the bank is around 10 % of the average sales price of the account of EUR 120 per year. <\/p>\n\n On the one hand, the bank thus generates income as the difference between the purchase and sales price of almost EUR 10 million (margin effect).\nOn the other hand, the churn rate of this golden account is only 1\/3 as high as the rate of the other current accounts without value-added services (customer loyalty effect). <\/p>\n\n For the impatient among you, we have developed cross-selling products with well above-average completion rates (> 20 %), such as our wallet protection letter.\nThe recommended retail price for this payment card and cash protection program is EUR 48 (incl. VAT). <\/p>\n\n You improve customer loyalty in a measurable and guaranteed way and generate significant additional income as a result.\nHere you have the choice between a portfolio commission of EUR 18 p.a. or a one-off acquisition commission of EUR 40 per customer. <\/p>\n\n We take over the costs and implementation of marketing.\nNo investment on your part and only a marginal coordination effort.\nYou can also test this solution with a number of customers (but at least 500 customers) at any time with a lead time of 14 days. <\/p>\n","protected":false},"excerpt":{"rendered":" Do you want to generate additional income immediately and improve customer loyalty at the same time?\n
\n
Immune to customer churn<\/h2>\n\n
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The strategic solution: up-selling with value-added services<\/h3>\n\n
Plug & play: cross-selling with value-added services<\/h3>\n\n
\nNo problem! <\/p>\n","protected":false},"author":1,"featured_media":5266,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","ghostkit_customizer_options":"","ghostkit_custom_css":"","ghostkit_custom_js_head":"","ghostkit_custom_js_foot":"","ghostkit_typography":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[160],"tags":[183,165,169],"class_list":["post-5265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technical-article","tag-active-termination-prevention","tag-cross-selling-en","tag-utilization-of-the-willingness-to-pay"],"acf":[],"yoast_head":"\n