Organisation: ACCION International
Category: Customer Satisfaction Training
Description: The microfinance industry is evolving as a result of the increasing number of credit providers and market experience using micro finance products. As a result, developing customer retention strategies has become a priority for microfinance institutions (MFIs). Some MFIs emphasize improving customer service as a way to gain a competitive advantage yet this does not necessarily diminish attrition. A comprehensive understanding of the customer and an analysis of the reasons for leaving an institution is required to develop an effective retention strategy.
Benefits to Microfinance Institutions:-
While the market evolves, retention becomes a key component in the strategy of a MFI. Retention is important not only because retaining customers costs less than acquiring new ones or because customers need to remain in the MFI until they become profitable. Rather, customer retention is important because it is a value generation strategy: guaranteeing future revenues greatly depends on strengthening its customers loyalty. For this reason, two MFIs with the same number of customers, profitability, delinquency rates and others factors, can have different institutional value if one of them has more loyal customers. As such, customer retention is not only necessary for the sustainability of a MFI but it is also a value generation strategy for its shareholders and stake holders.
Price: NA
Contact: ACCION International
1401 New York Avenue
Suite 500
Washington, DC 20005
Email :
jurquizo@accion.org
Webmail :
http://www.accion.org
Service Available In :
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