Customer retention in the consumer finance industry
The concept of customer retention has been one of the most talked about subjects in the consumer finance industry in recent years, with many companies advocating the importance and benefits of an effective program. In spite of all the talk, how much progress has the industry really made in this area and is customer retention really a viable concept in such a traditionally volume-driven industry?
PricewaterhouseCoopers' Customer retention in the consumer finance industry highlights some of the traditional trends in customer retention and provides perspectives on alternative approaches. Specifically, the paper focuses on:
- Common customer retention strategies utilized in other industries and the barriers to applying those strategies in a consumer finance company
- Objectives driving customer retention strategies in the mortgage industry today
- Redefining success measurements in analyzing customer retention strategy success
- The primary areas to consider when developing a successful customer retention strategy
- Monitoring and understanding the success of others to drive innovation
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