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Overcoming Stealth Attrition in Retail Banking

https://www.sld.com/white-papers/what-is-stealth-attrition-and-how-can-my-bank-address-it/

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White Paper May 16, 2017 by Jean-Pierre Lacroix
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Overcoming Stealth Attrition in Retail Banking

Purpose

SLD conducted a national U.S. survey of 1,100 respondents to understand their banking behavior and the level of risk from new emerging mobile and non-traditional banking platforms. The study was conducted in February 2017 and forms part of a strategic review of the evolving role and value the physical branch can provide in building loyalty and reducing account attrition.

Specifically, SLD explored the hypothesis that there is a significant movement toward customers slowly switching their banking accounts from their primary financial institution to online only banks and non-traditional banking platforms. We have labelled this trend “stealth attrition” and the research will identify strategies to help overcome this growing phenomenon.

Research Goals

  • To determine the level of bank customer attrition and key causes
  • To understand how bank branches can bring value to customers
  • To identify gaps in customer satisfaction with financial institutions
  • To determine the banking services where attrition is most likely to occur
  • To identify potential strategies to overcome stealth attrition
For a handy, downloadable infographic on stealth attrition and to read the rest of our research, please complete this form:
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