And if you wanted to SaaS math out the profitability and LTV for checking accounts you probably want to read this:https://www.bankdirector.com/issues/the-profitability-of-the-average-checking-account/ …
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I assume these are annual retention rates?
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oh nice [he says without a trace of irony or self awareness]
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Churn is higher than I expected (given my entirely anecdotal experience). Most people seem to have zero interest in changing unless they have an extremely negative experience, even signing up to a new bank is trivial (in Australia).
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I’ll be putting those into my list of benchmarks.
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Does it say anything about $ retention?
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Would there be historical data available that they use(d) to build churn models? I’d love to benchmark various current ML models performance to whatever was (or still is) used by banks
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