Top 21 Statistic to Customer Retention for Banks

 Top 21 statistics that banks should be aware of to retain customers

Customer retention statistics highlight the truths and myths about customer retention to formulate a successful retention strategy. 

Increasing customer retention resulted in a higher margin and accelerated growth.

Almost no one cares about most brands in their daily lives. Therefore, for customer retention, you should get people interested in your existence by making them manage. Make them feel cherished by giving them excellent customer service. 

In 2022, the banking industry is predicted to have a 75% customer retention rate, according to Statista. 

Below are the top 21 customer retention statistics you need to know: 

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1. Customers say 64 percent of their experiences are more important than price.
   
   
2. Eighty-one percent of consumers who trust the brand purchase based on that trust.
   
   
3. Sixty-six percent of clients would continue to buy from a preferred brand even when it competes against a more innovative one.
   
   
4. Consumers are more likely to trust positive personal experiences than great advertisements, according to 65 percent of consumers in the United States. 
   
   
5. Almost Ninety-five percent of customers expect companies to communicate proactively, not reactively.
   
   
6. A large majority of customers prefer human-to-human interactions, such as phone calls (62%), emails (46%), and live chat (37%), when it comes to dealing with problems rather than self-service (14%) or bots (13%). 
   
   
7. Approximately 20% of people say they will use social media to complain about a bad customer service experience. 
   
   
8. Over 90% of customers have encountered problems with customer service when using mobile devices. 
   
   
9. Ninety-three percent of customers buy again from companies that provide excellent customer service.
   
   
10. It is 60-70% likely that you will sell to an existing customer, but the chances are 5-20% for a new customer.
    
    
11. After five or more purchases, 37 percent of buyers consider themselves loyal to a brand.
    
    
12. According to 82% of companies, retaining clients is more affordable than acquiring new ones.
    
    
13. 87% more likely are happy customers to purchase upgrades and new services than unhappy customers.
    
    
14. Sixty percent of loyal customers share their favourites with their social networks.
    
    
15. 61% of loyal customers prefer to buy from a brand they trust rather than a competitor. 
    
    
16. If customer retention increases by 5%, profit will increase by 25%.
    
    
17. On average, returning customers spend 33% more than other new customers.
    
    
18. Most companies get almost 65% of their business from repeat customers. 
    
    
19. A positive customer experience is defined by 80% of customers as speed, convenience, knowledgeable assistance, and friendly service. 
    
    
20. A lack of customization will drive 33% of customers away.
    
    
21. Approximately 75% of consumers say that they prefer companies that offer rewards.