Using research to help keep good customers
This paper describes how Lloyds Bank tackled the issue of customer retention. The Bank used research to investigate the extent of defection due to dissatisfaction with the Bank and to explore the process leading from satisfaction to account closure. As a result of the research fundamental assumptions in the Bank about the reasons for defection and the best way of handling them were challenged, leading to the design and implementation of a new Customer Retention process.
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