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Credit Card Retention Strategies

http://www.aarkstore.com/reports/Credit-Card-Retention-Strategies-225715.html

 

Synopsis
 • The report illustrates the significance of the credit card business for banks
 • The report explores customer retention in the credit card industry – both in general and in light of present conditions
 • It discusses best practices in developing and implementing a successful retention strategy for global issuers
 • The report also looks at the areas which pose the biggest threat to customer spending on credit and debit cards, notably online payments rivals like PayPal and Bill Me Later
 
 Summary
 The search for innovative card products has been a major focus in the past decade. However, the importance of customer retention for credit card issuers has grown in the wake of the global economic slowdown. The switch towards debit and cash spending in mature markets, the emergence of a range of new payment channels, increase in legislation and the continuing trend for customers to reduce consumption all present significant obstacles to the credit card industry. Credit card issuers in the US took drastic measures during the recession, such as making it harder for consumers to compare credit card offers online and more expensive to transfer balances to other providers. Issuers also cut back their cooperation with comparison sites and raised fees for balance transfers. While such actions were stop-gap measures, and not necessarily indicative of mature retention strategies, they do attest to the increasing importance being placed on card retention in today’s economic climate.
 
 Scope
 • The report illustrates retention strategies for acquisition, portfolio management and anti-attrition segments of the credit card life cycle
 • It includes examples of best practice programmes, strategies and channels that have been used to support each phase of the credit life cycle with further analysis of the strategies that worked, the strategies that didn't, and why
 • It assesses and recommends which data tools you can use in order to improve retention
 • It demonstrates how marketing, customer service and risk management can be better aligned to work together more effectively to enhance retention
 • It shows how marketing can be improved, with special emphasis on how better segmentation can yield better results
 
 Reasons To Buy
 • Gain insight into the various credit card retention strategies adopted by issuers across globe
 • Measure the success of retention strategies
 • Understand the relevance of credit card customer retention
 • Develop credit card customer retention strategies and measure ROI for the same
 • Understand and develop suitable product and pricing strategies for customer retention

 

Table of Contents:

 

1 Executive Summary
 2 The Significance of the Credit Card Business for Banks
 2.1 Profitability of Credit Cards
 2.2 Interest Income
 2.3 Non-Interest Income
 2.4 Fees
 2.5 The Importance of Payments in the Customer Relationship
 2.6 Country Survey: The UK
 3 The Importance of Credit Card Customer Retention
 3.1 The Favourable Economics of Customer Retention
 3.2 Retention as a Response to Competition and Regulation
 3.3 The Impact of Regulation on Card Profitability
 3.4 Retention as a Response to Alternative Payment Systems
 4 Understanding Customer Retention
 4.1 Defining Customer Retention
 4.2 Customer Engagement and Retention
 4.3 Economic Defection
 5 Life-Cycle Management
 5.1 The Market Life Cycle
 5.2 The Card Life Cycle
 6 Setting the Retention Strategy
 7 Measuring the Success of the Retention Strategy
 8 Understanding Customers
 8.1 Customer Segmentation
 8.2 Data Mining and Retention Prediction Tools
 8.3 Fractal Analytics – Case Study
 8.4 Listening to Customers
 8.5 JPMorgan Chase’s facebook marketing initiative
 8.6 The Visa Business Network on Facebook
 8.7 American Express – Open Forum
 9 Retention and Organisational Structure
 10 Retention and Marketing
 10.1 Using acquisition to enhance retention

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