THE DAYS OF THE NEIGHBORHOOD BANK ARE OVER. In the movie “It’s a Wonderful Life,” you may be struck by the idea that George Bailey approved Ernie Bishop, a cab driver, for a loan
for the simple reason that he could vouch for the man’s
To many in today’s banking industry, this may seem
more far-fetched than other occurrences in the movie,
which involve time travel, guardian angels and parallel
dimensions. That level of personal knowledge of customers—and the loyalty it inspires—simply doesn’t exist in
the same way today.
Use Data to
BY LUC BURGELMAN
Banks need to proactively identify customers likely to leave
long before they actually depart. These customers are more
likely to remain loyal if they are targeted with
individualized retention offers.