In the competitive world of banking, attracting new customers is just one piece of the puzzle. Retaining existing customers is equally—if not more—important. As a banker once put it, "Our bank has got a front door and a back door, and both of them are wide open." This metaphor underscores the challenge many banks face: while they excel at bringing customers in, they struggle to keep them.
Most bankers are adept at reactive servicing—when a customer calls with a request, they're quick to respond, especially if they've eliminated manual processes with small business loan origination software. However, proactive maintenance of the customer base is often neglected. To keep the right customers, you need a retention plan. This plan should include strategies for different types of customers. For customers who have one piece of business and may not be paying a lot, you may not go out of your way to retain them. However, for valuable customers, you should have specific strategies in place.
