A Balanced Scorecard: Customer and Employee Retention

883 Words4 Pages
Balanced Scorecard Learning/Growth Internal Business Customer Service Financial # of products per customer referrals customer satisfaction loan balances # of new customers employee turnover sales calls/potential cust deposit balances new loans created employee satisfaction thank you calls/cards non-interest income new accounts cross sells customer retention new products introduced employee training hours One causal chain could be new products introduced, cross sells, customer satisfaction, customer retention, and greater loan balances and/or deposit balances depending on the new products, and non-interest income depending on the new products. Cross selling is one of the best ways to introduce new products to existing and new customers. Once the customers have tried the new products, assuming they are satisfied with them, it is easier for the business to retain them as customers. This brings greater revenues for the business. The type of revenue would depend on what the new product has to offer the customer, whether it is a type of loan, a type of financial account (checking, savings, etc.), or another financial product, such as an investment type account. Another causal chain could be employee training, employee satisfaction, customer satisfaction, customer retention, greater loan balances, greater deposit balances, and greater non-interest income. When employees are trained adequately in customer service, they feel more prepared to serve customers
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