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When Customers Go Silent: How Banks Can Spot a New Twist on ‘Quiet Quitting’

Jerry Bradley by Jerry Bradley Apr 3, 2024

There’s a kind of customer attrition that can sneak up on you before you’ve even noticed the relationship is in trouble.

Some call it churn. Some call it ghosting. We think of it as quiet quitting.

Similar to the workplace phenomenon we’ve all heard about, it’s characterized by shrugging indifference. “Why bother?” is the motto of the quiet quitter. It can start slowly. Maybe established customers have stopped calling their relationship banker or started racking up complaints to the call center.

If you could just get a handle on vulnerable relationships before loyalties shift, you could win them back. But you’ve got to be able to see it coming. That, of course, depends heavily on your mastery and management of your valuable customer data.

Telltale Signs of Quiet Quitting 

What are the hallmarks of quiet quitting? One clue is micro-shifts on the deposit side. Maybe direct deposit hasn’t stopped, but there is a small, steady trickle of money going out the door. As deposit balances drain away, debit card swipes start to slip lower, too. Instead of processing 20 online bill pay transactions a month, they’re suddenly down to a handful. As transaction volume falls off, you have to face the possibility that your customer may have found another primary financial relationship.

It isn’t helping that deposit competition has reached a fevered level that we haven’t seen in many years, and fintechs are bringing the dazzle. The bonds of loyalty can work loose when customers are edgy about getting the best return on their money, or are still spooked by the March 2023 bank panic, or are entranced by a slick new mobile banking app.

Transaction Insights to Detect Quit Quitters 

The changes that weaken customer connection are subtle, and they’re at the account level, so it’s easy to miss the mark and not see them. No wonder banks want transaction insights and engagement. They need ways to deepen their understanding of customer transactions so that they can visualize in a timely manner how things might be changing. They want information that gives them a nuanced grasp of different customer segments so that they can detect behavioral changes.

What if you could generate a list of all the customers that are sending money to other financial institutions and look for patterns? What if you could pull up reports on engagement levels across all the platforms customers use to interact with you? What if you could visualize trends in digital banking sign-ups and adoption?

And what if these insights were up-to-date, dynamic, and accessible across your bank?

That kind of data insight would be a game-changer. Armed with actionable, timely information, you’d have a chance of stopping the quiet quitters before they slip away undetected.

Talk to us about how we can help you spot the quiet quitters, turn them around, and transform them back into contented customers.

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