A STUDY ON BANKING CUSTOMER RETENTION STRATEGIES

Abstract

Customer retention has become a key priority for banks due to increasing competition, rapid digital transformation, and evolving customer expectations. This study examines the various strategies adopted by banks to improve customer retention by enhancing service quality, customer satisfaction, trust, loyalty, and personalized banking experiences. It explores the role of digital banking services, customer relationship management (CRM), reward programs, effective grievance handling, and innovative financial products in strengthening long-term customer relationships. The study uses both primary and secondary data to evaluate customer perceptions and identify the factors that influence their decision to continue banking with a particular institution. The findings indicate that prompt customer service, secure digital platforms, personalized communication, and value-added services significantly contribute to higher customer retention and loyalty. The study concludes that banks must continuously innovate, leverage technology, and adopt customer-centric strategies to maintain a competitive advantage and achieve sustainable growth through long-term customer relationships.