FICO® Customer Score: Account Management

How do you learn more about your customers so you can maintain closer relationships with them and improve retention rates?

Bank Penny is a mid-size bank that is having trouble retaining business because it lacks insight about its customer base. The bank is also experiencing a rise in ad hoc payments, which are becoming increasingly difficult to keep up with.

Account management relates to the practice of nurturing and mediating a company’s customer relationships.1 The objective behind account management is to keep loyal customers, while also growing the company by bringing in new customers.

Using FICO Customer Score, Bank Penny can vastly improve its approach to account management. FICO Customer Score accomplishes this by consistently reviewing model data and trends. As ad hoc payments and requests are encountered, the model accounts for that overtime so it doesn’t come as a surprise further down the line.