An Analytical Study of the Key Customer Retention Strategies Persuading Customers in Banking Sector

Customer Relationship Management, Customer Retention, Customer satisfaction, Perception

Customers are living in a time of rapid technological advancement in regard to the recent significant changes to the banking industry. In the language of banking, customer loyalty and retention are similar aspects of bank marketing that are vital in today's cutting- edge corporate environment. Customer withholding commences with the initial link a bank makes with a client and lasts as long as the client maintains a relationship with the bank.

Therefore, banks must concentrate on key customer retention methods. A survey of 714 bank workers is undertaken to gather feedback on the customer retention strategies that have been implemented. The tabulated data was analysed using factor analysis to determine the predominant factors influencing the variables selected. The results indicate that on the basis of nine variables, the primary two aspects were extracted and termed mandatory and crucial. As a result, the purpose of this article is to learn about the primary customer retention methods that banks should focus on in today's competitive economy.