Abstract
M.Comm.
There has been a great deal of attention paid to the issue of customer acquisition, but less has been paid to customer retention. Ang and Buttle (2006:83) highlight that while customer retention has been a significant topic since the mid – 1990s, little research has been conducted into management processes that are associated with excellent customer retention performance.
The banking industry has gone through major changes in the past years, due to technology enhancement and mergers. Competition is based on lower interest rates, payment terms and costs, factors which have had a major effect on the retention of customers. This poses the question how private banks go about retaining customers.