Five strategies to reduce customer attrition in a universal bank like Access Bank Ghana:

• Enhance service quality through training: Implement staff training on customer care etiquette, aligned with BoG’s sustainable banking principles, to improve response times and personalize services, reducing complaints.
• Leverage data analytics for personalization: Use customer data (compliant with data protection under Cyber Security Directive) to offer tailored products, like customized savings plans, fostering loyalty post-DDEP economic strains.
• Improve communication and feedback mechanisms: Establish regular surveys and omnichannel support (e.g., app, phone), addressing issues promptly to prevent churn, similar to successful retention during the banking cleanup.
• Introduce loyalty programs and incentives: Offer rewards like fee waivers or higher interest rates for long-term customers, ensuring compliance with Act 930, to build emotional connections.
• Resolve complaints efficiently with escalation protocols: Set up a dedicated resolution team with timelines, monitoring via KPIs, to turn dissatisfied customers into advocates, mitigating risks from poor service as seen in past bank failures.