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Strategies for Retaining Customers in the Face of Fintech Competition
This chapter explores the difficulties smaller financial institutions encounter in retaining customers amidst the competition from fintech companies offering high-yield products. It advocates for adapting strategies to attract deposits through a promotional rate on checking accounts and incentivizing behaviors for customer retention. The conversation also touches on the importance of marketing, digital solutions, and creating deep customer relationships to drive growth and loyalty in the evolving financial landscape.