While high growth rates are fantastic, it’s very costly to originate new customers when compared with selling to your existing customer base. In fact, it can be more than five times more expensive to originate new customers. That’s one reason why improving customer profitability is so critical for a bank.
We'll explore this very topic in our upcoming FICO Seminar: Customer Profitability, taking place on July 17 in Manila at the Mandarin Oriental. Banks in high-growth areas are keen to learn how to maximise revenues and manage losses, whilst improving customer retention and satisfaction through multi-product ‘”stickiness.” At the seminar, we'll ponder such questions as:
- Are your strategies and processes automated and refined to make you competitive and profitable in the face of more stringent regulations or an economic downturn?
- Would you profit by taking faster action to control risk using intra-cycle risk assessments that leverage more granular transaction data?
- Have you right-sized your credit lines with scalpel-like precision, or potentially lost profitable customers by using a hatchet?
If you’re in the area, I invite you to join us – it would be great to see you.