Do you need an MCIF? Maybe you’re not sure if you need it, or maybe more specifically,
how to articulate “why buying an MCIF is necessary” as you talk it up to senior
management. What exactly would your institution get out of having one? Generally
speaking, an MCIF is the source and pivot point of strategic information that can be used
a number of ways to help you identify and retain your existing clients and help you cost
effectively target new ones. The following pages will outline the raw financial benefits of
buying an MCIF or hiring an MCIF Service Bureau to deliver these same benefits for you.
Universally, financial institutions of all sizes share one giant risk – 15%* of all
clients leave each year. WOW! How will your organization grow 15%…when 15% of your
existing relationships are leaving you? Does this make anyone’s brain hurt?
So, why are banks and credit unions alike ignoring this huge business problem? Why are
they allowing hundreds of thousands of dollars in profit to walk out the back door, silently
– each and every year? Is it because they don’t care? Give me a break! Each institution
desires to keep their existing clients. So why then is there this expensive churn of clients?
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