Customer retention strategies in retail banking: A case study on BRAC Bank PLC

Abstract

This report presents an overview of my internship at BRAC Bank PLC, focusing on customer retention strategies within the retail banking sector. The primary aim of the internship was to develop skills in client management, market analysis, and cross-departmental collaboration while enhancing understanding of effective customer retention techniques. BRAC Bank, a prominent player in Bangladesh's banking sector, emphasizes personalized service and innovative product offerings, including CASA accounts, loans, and credit cards, to foster customer loyalty. The bank's strategy includes leveraging technology, exemplified by the mobile banking application ASTHA, SUBIDHA to enhance customer engagement and streamline banking processes. Key findings from the internship highlight the significance of relationship management, cross selling, and digital solutions in retaining customers, particularly high-value clients. Challenges such as increased competition and regulatory hurdles are met with proactive strategies to maintain strong client relationships. This report concludes with recommendations for further enhancing customer retention efforts at BRAC Bank.