Manager – Customer Retention

Develop and maintain excellent relations with existing customers resulting in increased level of customer satisfaction and retention. This is to be achieved through Pro-active and reactive communication with the customers who have either expressed a wish to close their accounts. Responsible ensure retaining existing customers by providing outstanding service to achieve customer loyalty and resolve their complaints and issues. As a Customer Retention Manager in the Retail Banking sector, the main responsibility will be to implement strategies and initiatives aimed at retaining existing customers. To focus on building and maintaining strong, long-term relationships with customers to increase loyalty and prevent attrition.

Main Tasks & Accountabilities

Develop and execute customer retention plans

• Create and implement strategies to prevent customer churn and enhance customer loyalty.
• Design personalized retention programs based on customer segmentation and insights.
• Analyze customer data to identify retention opportunities and establish targeted retention initiatives.
• Achieve of set revenue targets through the execution of growth and retention initiatives and activities.
• Monitor and review business performance and apply
• Educate customers on the value of our services

Monitor and optimize customer retention metrics

• Track, analyze, and report on customer retention rate, churn rate, and lifetime value.
• Identify key performance indicators to assess the success of retention initiatives.
• Utilize data and analytics to optimize strategies for higher customer retention.
• Track and evaluate the effectiveness of retention strategies and initiatives.
• Measure customer lifetime value to assess the success of retention efforts.
• Measure the revenue generated through upselling or cross-selling additional products or services to existing customers.
• Measures the expenses incurred to retain customers, which may include expenses related to loyalty programs, customer support, and retention campaigns.

Cross-functional collaboration

• Collaborate with sales, and product development, Risk, & Operation teams to align efforts.
• Coordinate campaigns, promotions, and initiatives to enhance customer satisfaction and loyalty.
• Share customer insights with relevant teams to drive customer-centric improvements.
• Monitor and Optimize the Service Level Agreement (SLA) / Turn-Around Time (TAT) set to all products & services.
• Provide proactive support and address customer concerns promptly.
• Leverage customer feedback to deliver improvements in products and services.

Internal business processes

• Develop and manage robust competitor tracking systems to remain abreast of the market and the players. In line with this, identifying and analyzing new offerings from other banks in the market place proactively.
• Be an advocate for a continually improving way of working within the unit to drive efficient and impactful engagement and accurate delivery of service.
• Implement engines/structure/procedures to support execution of customer growth through their lifetime customer journey