Customer Attrition Dashboard
The following is a sample of a dashboard created for every closing BMO branch in the US and Canada. It tracks the annualized rate of customer attrition relative to division and network benchmarks over three separate periods in time: prior to customer notification of closure (shown in grey), following customer notification but before branch closure (in yellow), and following branch closure (in red). This information was tracked among three distinct transacting customer segments across three separate cohorts.
The consistent message was that customers have a higher likelihood of closing their accounts if their preferred branch were to close. However, tracking the differences in rates of attrition per closing branch helped inform us on key drivers of attrition, such as a closing branch that is far removed from the rest of the branch network.