Customer Retention and AI
Attrition is a word no business owner ever wants to hear. While somewhat unavoidable in most areas of business — all of your customers aren’t going to be completely satisfied at all times —lost business is always a bad thing. When customer retention isn’t a focus, however, it’s easy to explain away a premature departure as an unavoidable phenomenon rather than digging into the true issues driving a termination of services.
How Businesses Can Get Blindsided
Many businesses fail to recognize that the hardest time to win a customer back is after he’s already gone. Unfortunately, without the right tools in place, attrition may seemingly come out of nowhere, blindsiding management and raising red flags just a little too late for retention efforts to make a difference.
Without insight into the customer experience, it’s almost impossible to know when a client is going to head for the hills — especially since many customers do not voice complaints until they have already made the decision to move on. When challenges finally come to light, whether in the form of an angry customer on the phone or as a reason given during the online cancellation of a service plan, there’s no longer a safety net in place.
Getting Insight, Getting Ahead
When you want to get out in front of attrition issues before they come to pass, artificial intelligence can provide the strategic advantage you need to get ahead. With attrition and risk lapse AI opportunities, it’s possible to incorporate digital insight to identify those clients at the highest risk of lapse before the inevitable comes to pass. As AI learns more about your business and customer trends, both past and present, it can utilize demographic information, like gender, age, education, average income, neighborhood, and purchase patterns to learn who is most likely to leave and what can be done to keep them engaged.
No AI is perfect, and there will always be people who let services lapse for one reason or another. However, with a tool that supports your objectives and is able to highlight potential problems on the horizon, it’s possible to see permanent improvements in your retention numbers. Get in touch with Youneeq today and let us show you how AI technology can reduce attrition and lapse risk for your fintech business.