Beyond Day One: Minimizing Customer Attrition During Bank Mergers and Acquisitions
The banking industry remains under huge pressure following the financial and economic turbulence of the last few years. An ongoing rash of bank failures is the most obvious symptom of this, creating new strategic opportunities for healthy financial institutions to expand their geographic and customer footprints via acquisitions and mergers. And as the number of deals grows, so it has become evident that banks face a major challenge – can they successfully retain the potential value of their deals by reducing or stopping the loss of customers that tends to follow the announcement and completion of a transaction?
To gather insight into what drives a customer to stay or to defect post-acquisition, the Deloitte Center for Banking Solutions conducted an online survey of customers who had recently gone through such a transition. Our latest point of view, “Beyond Day One: Minimizing Customer attrition during bank mergers and acquisitions” analyzes the findings of our survey and provides insight into how to build a framework that can guide a bank’s efforts to help ease the transition process, identify and manage “moments of truth,” and start building valuable relationships even before the merger or acquisition takes place.
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