Fraud management is critical to retaining US customers’ digital trust: A FICO survey found that 28.7% of respondents would drop their bank if they aren’t pleased with how they handle fraud incidents.

Watch the eMarketer Tech-Talk Webinar featuring Melissa Royo, director, data science, ITX Corp., and John H. Johnson, PhD, CEO and co-founder, Edgeworth Economics and Edgeworth Analytics, as they shared how top performing B2Bs understand and harness data in different areas of their businesses to drive optimization, improve customer acquisition, retention, service, and more.

Stuart Cook (SC): For me, it’s the shift from focusing on customer retention to focusing on customer attention. What’s also fascinating is the shift from homogenized commodity products to customized, personalized products. I really think that’s a big challenge and it’s going to have a large impact on banking. II: How will Valley Bank evolve to take advantage of those trends?

The big takeaway: USAA’s close focus on a narrowly defined niche audience of military families has helped it address very specific customer needs and goals. Insight into its customers’ lives drove the creation of highly relevant communications. This level of personalization is critical to customer retention—and it starts with the customer, rather than with the banks’ products and transactions.

Green Dot strikes open banking deal with Plaid: Green Dot’s neobank customers gain data-sharing capabilities for 6,000-plus outside apps. Are its banking as a service (BaaS) clients next?

Evaluate and share financial results relating to increased customer retention, decreased customer churn, loyalty, and the impact on profitability. Market the results internally: Monitor and consistently communicate the incremental financial benefits to build support, momentum, and successful adoption of VOC. Strategic Investment. Investigate and invest in the right systems.

We spoke with Zak Normandin, founder and CEO of Iris Nova, about how his company has leveraged SMS to better serve its customer base.

Switching to UBI increases customer retention. Engaging users through UBI offerings and rewarding them with discounts or cash back for driving safely can generate stickier customers. In 2020, for example, Nationwide reported that first-term retention rates of customers participating in its SmartRide program were over 5 percentage points higher than its average rates.

The banking giant will drop existing lines to simplify its product offerings—which could help its bid to shuck the federally mandated asset cap, but hurt retention by driving off impacted customers.

Subscription models are driving customer loyalty in online sales of groceries and other essential goods, but fatigue among consumers threatens long-term growth.

The card lets customers earn unlimited 2% cash back and may signal a broader move into general-purpose cards.