Determinants of ex-customer winback in financial services |
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| Institution: | 1. Université de Bourgogne – IUT de Dijon, Boulevard Dr Petitjean, 21000 Dijon, France;2. Marketing Department, Groupe ESC Troyes, 217 Avenue Pierre Brossolette, BP 710, 10002 TROYES Cedex, France;3. Université Paris-Est Marne-la-Vallée, 5 boulevard Descartes - Champs-sur-Marne, 77454 Marne-la-Vallée Cedex2, France;1. Aix-Marseille University, CERGAM, Faculté d''Economie et de Gestion, Rue Puvis de Chavanne, 13001 Marseille, France;2. INSEEC Business School, 27, Avenue Claude Vellefaux, 75010 Paris, France;3. Aix-Marseille University, CRET-LOG, 413 Avenue Gaston Berger, 13625 Aix-en-Provence Cedex, France;1. Florida Atlantic University, Davie, FL 33314, United States;2. Nova Southeastern University, Davie, FL 33314, United States |
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| Abstract: | Financial services play important roles in consumers' lives, and switching providers is a relatively onerous task, but customers often terminate their relationships with a provider. How can a provider best regain lost customers, and what are the determinants of ex-customer winback? Using data from a financial services provider, this research examines 11 factors occurring before, during and after a termination, to study their influence on consumers' propensity to revive a relationship with a previously abandoned service provider. The results indicate that income and variety-seeking preferences are negatively correlated with a customer's likelihood of considering the former brand in the future. Positive associations and evaluations of the former brand are positively correlated with the winback potential. The results can guide managers of financial service providers as to the most significant factors to be analysed in estimating the chances of winning back a lost customer. |
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| Keywords: | Customer winback Defection Ex-customers |
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