Customer Retention in Retail Banking:
How banks can use customer retention to boost profits 

 

When: October 21st, 2004 at 2:30 Eastern Time for about 1 hour  Register for the transcript

Speakers: Mark Carr Partner CMG Partners       John Ramsey Associate Partner CMG Partners Session Description: Most organizations focus their marketing and sales resources on acquiring new customers, not retaining their current ones. Recent studies suggest that the average US banks spends 8-10 times more on acquisition activity versus retention. This is in spite of the fact that current customers tend to be 2-3 more profitable than new customers and that retention programs often yield returns in excess of 100% of the investment. How can retail banks use customer retention to boost their bottom line? The presentation, “Customer Retention in Retail Banking: How banks can use customer retention to boost profits”, will cover the following areas: ·        Discuss problems of defining and measuring customer retention in retail bank setting ·        Discuss the importance of customer retention and the problem of “hidden attrition” in retail banks ·        Map out the economics of customer retention ·        Identify the key drivers of customer retention ·        Outline some key customer retention strategies and how banks can launch a retention program This program is appropriate for senior financial executives with responsibility for Retail Banking, Marketing, Insurance Services, Product Development, Public Relations, Market Research and Strategy Teams. Attendance Fee: $275 plus $50 per telephone line used

About Mark Carr:

Mark Carr, Partner, works with clients to dramatically improve their business results through the development and implementation of innovative business and marketing strategies. He has over a decade of management and consulting experience in the financial services, technology, wireless, consumer products and publishing industries. Both as a Partner with CMGP and as a Senior Consultant with a Boston-based consultancy called Symmetrix, Mark crafted effective go-to-market plans and segment entry strategies for companies in a wide variety of industries.

Prior to joining CMG Partners, Mark was President and CEO of WriteRead, an Internet publishing venture. Before WriteRead, Mark led Business Development and Product Management activities at SilverPlatter Information, an international supplier of bibliographic databases to organizations in 165 countries.

Mark has co-authored a book and written numerous articles in leading publications. Mark earned a BA from Oberlin College and an MBA from the Kenan–Flagler Business School (UNC-Chapel Hill).

About John Ramsey:

John Ramsey, Associate Partner, helps clients in the financial services industry assess business opportunities and/or problems and develop strategies and tactics that satisfy the needs of customers, associates and shareholders.

He has over 30 years of retail banking experience across several disciplines—marketing research, planning, product development, advertising, public relations, sales management, branch operations, training and employee communications.  

Prior to joining CMG Partners, John served as an Executive Vice President at National Commerce Financial (NCF) in charge of product planning, branch operations, internet banking, call centers and the institution’s Hispanic initiative.  Prior to NCF, John served in similar roles at Central Carolina Bank and Wachovia.

John resides in Durham , NC , and is a graduate of the University of South Carolina .

About CMG Partners:

CMG Partners is a strategic marketing and sales consulting firm that works with leading banking, communication and health services companies to capitalize on market opportunities and improve business results. CMGP’s consultants have worked to develop and implement customer retention strategies that delivered bottom line results for clients in telecommunications, hospitality/real estate and retail banking.

CMGP Hispano is CMGP’s strategic Hispanic marketing and sales consulting arm that works with leading banking, communication and health services companies to capitalize on the opportunities of the Hispanic market.

cmgpartners.com