Banking Statistics

• Customer attrition rates among retail banks average 15% per year.



• Each point of attrition represents up to 1-2% of net income loss.



• Customer attrition within the first three to six months of new checking account relationships can be up to 200% higher than annualized attrition rates.



• The average customer has only 25% of their wallet share with a single institution.



• Average customer contribution is $300 per year.



• 20% of accounts contribute profits equaling 200% of the overall return, while up to half of the accounts generate losses.



• Acquisition costs for new retail banking customers average about $200 per customer.

Data Quality Statistics

• The average bank has approximately 500 million data elements per $1 billion in assets.



• 2.5 – 3.4 % of a bank’s data decays each month.



• 40% of keyed customer data has errors.



• 1 in 6 or 43 million people move every year and 15% leave no new address.



• 1.5 million new addresses are added every year.



• Up to 25% of data in an average bank’s CIF/CIS is incorrect.



• Over half of CRM projects fail because of data quality problems.