Improving profits in commercial banking and payment processing
According to Boston Consultancy Group, business banking and merchant services have a attrition affects 30% to 50% of a corporate bank’s client base and spans all products and segments.
It’s a constant concern for Payment Processors and Banks with an average on-boarding cost of £1,000 and acquirers make an average of £500-£600 per customer per year a whole life customer is worth around £3,000 or £2,000 net of on-boarding. An improvement of 10% in retention would increase whole life net value by 262 percent. There is huge amount of activity in this market with direct sales teams offering guaranteed savings and to pay any release fee and new entrants having access to huge advertising budgets Increasing levels of compliance will annoy customers making them consider switching even more.
Whilst essential to your business, nobody gets excited about signing up a payment processing company or a bank – the service is near invisible, collects your money, holds onto it and charges you a fee for the privilege. Typically, the only time you hear from your bank or payment provider is when they want money or they want you to go through the next set of painful paperwork and compliance. 60% to 80% of retention problems stem from service issues, product gaps and, because of the lack of communication and considered value add of a bank or payment provider, there is virtually no emotional loyalty to them.
We can help you analyse the customer experience and identify and minimise the key annoying systems and processes which triggers customer churn.
You start a business because you have a passion for that service – whether it is as a hairdresser, chef or publican. Most have little expertise in sales, marketing or even business management and struggle to compete against enterprise and multi national organisations.
Imagine if you could give those customers the tools they need to grow their business – helping them grow and saving them many times their payment fees along the way – we can help you put together a range of support, training and services that helps them grow their business through:
- Improving their branding to reflect their business expertise
- Generating business enquiries and footfall
- Saving overheads to spend on growth
- Engaging and developing employees – a key element in customer retention
- Developing customer satisfaction and loyalty
- Concierge services to save them time and money
That way, every day they receive a bit of good news from you on how you are helping them grow – wouldn’t that make them stay, add new products and recommend you to their contacts? Wouldn’t you want to join a bank or payment provider like that?
Once you have created this compelling point of differentiation, we can help you acquire more customers.
Our acquisition team can help you through:
- Getting referrals through existing customers
- Motivating introductions through influencers and channels like unions, membership organisations, charities and other loyalty programmes
- Prospecting with innovative solutions to get high quality leads for a lower cost from influencer programmes to intent data
We have worked with many of the leading financial services companies including: Abbey, AIG, AN Business, Barclays, Barclaycard, Black Horse, First National Bank, GE Money, Goldfish, Honda Finance, ING, Leaseplan to name a few
Find out more
We invite you to book a free 30-minute strategy call
directly with Tim Peniston-Bird to see how to add value to your initiative.
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