Experian product helps banks retain customers

by Joanne Oatts, Brand Republic 06-Jun-06, 07:00

LONDON – Experian has launched a product to help banks and building societies identify new customers and stop existing customers from switching accounts.

'Current Account Switcher' uses financial and personal data to analyse and identify customer behaviour.

Because standard bank accounts are not always profitable in their own right, banks try to cross-sell more lucrative products once a customer relationship is forged.

The new product uses MarketSwitch, Experian's marketing optimisation software, which allows banks to build an appropriate contact strategy using information from transactions.

The product will also be able to indicate customers most likely to switch, enabling the banks and building societies to plan a strategy to retain customers.

Gillian Buttree, Experian Marketing Services marketing director, said: "Today's consumers can easily turn to comparison web sites or newspaper 'best buy' tables to see if they can get a more competitive account elsewhere.

"We are confident that Current Account Switcher is a major step forward for banks and building societies that want to find smarter ways of using direct marketing to win more customers and reduce churn rates."

Last week Experian's parent company GUS announced the information services provider will be demerged in a deal that is set to raise around £800m in the issue of new shares.

If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the Forum.