STATISTICS

Customer Attrition & Retention

15%

Average customer attrition rate among retail financial institutions per year.

1-2%

Percent of net income loss for each point of customer attrition represents.

$500

Average acquisition cost of a new customer.

200%

Customer attrition within the first 3 to 6 months can be up to 200% higher than higher annualized attrition rates.

Digital Adoption

10%

Consumers that are “branch only.”

33%

On average, only 33% of bank customers have a valid email address. 

12%

Average email addresses that an institution has for their customers are undeliverable.

<30%

Consumers that are “digital only.”

Relationship Management

25%

Wallet share of an average customer with a single institution.

65%

Of customers have only a single service.

86%

Of buyers are willing to pay more for great customer service. 

2020

By the end of 2020, customer experience will overtake price and products as key differentiators of a brand.

Data Quality

500 mil

The number of data elements per $1 billion in assets an average financial institution has.

40%

Percent of keyed customer data that has errors. 

1.5m

The number of new addresses added every year.

2.5-3.4%

The rate that a financial institution’s data decays each month.

1 in 6

People in the US move each year, and 15% leave no new address.

up to 25%

Percent of data in the average financial institution’s CIF/CIS that is incorrect.

60%

Percent of financial institution executives that say their quality of data used in marketing and BI is unacceptable. 

Branches

40%

Of people across generational groups that visit a branch at least once a month.

Customer Contribution

$300

Average revenue contribution by customer per year.

50%

Average percentage of accounts that generate losses.

20%

Percentage of accounts that contribute profits equaling 200% overall return.

*Sources: Tower Group, Bank Administration Institute, Gartner Group, Fiserv, FDIC, USPS, Deliotte, PWC, Forrester Research, Walker, Nutshell, Digital Banking Report