As smaller banks market themselves to increase their market share against the big banks, they understandably focus on gaining new customers. However, they must also retain (and further engage) their existing customers. Otherwise, the new customers they gain can easily be offset by existing customers who leave. Happily, by using predictive analytics as described in this paper, it can actually be much easier and less expensive to keep (and further cultivate) existing customers than to enlist new ones.
Published in 2016 and presented at the 2016 Insurance and Finance SAS Users Group Virtual Meeting.