According to research, how much more expensive is acquiring a new customer compared to retaining an existing one?

• a) Two to three times
• b) Five to seven times
• c) Ten to twelve times
• d) Equally expensive

How does customer retention contribute to long-term profitability?

• a) By increasing short-term marketing expenses
• b) By generating more revenue over time through repeat transactions, deposits, and additional product adoption.
• c) By expanding market share only
• d) By solely focusing on new revenue streams

What is the primary reason customer acquisition is essential for a financial institution's business growth?

• a) Reducing operational costs
• b) Expanding market share, increasing deposits, and boosting transaction volumes.
• c) Improving employee satisfaction
• d) Decreasing marketing expenses

Which of the following is NOT listed as a key competitor for Access Bank in the Nigerian financial sector?

• a) Guaranty Trust Bank (GTBank)
• b) Zenith Bank
• c) First Bank
• d) United Bank for Africa (UBA)

Which of the following is a way long-term customer relationships drive profitability?

• a) Decreased Customer Lifetime Value (CLV)
• b) Increased churn
• c) Higher Customer Lifetime Value (CLV)
• d) Higher Cost-to-Serve

What is one way Access Bank's customer loyalty initiatives help in retention?

• a) Increasing attrition rates
• b) Ensuring customers remain engaged and satisfied through digital engagement via the AccessMore app.
• c) Focusing solely on new customer acquisition
• d) Reducing cross-sell opportunities

What distinguishes digital-first financial institutions like Kuda and Moniepoint from traditional banks?

• a) Higher fees and complex interfaces
• b) Slower transaction times
• c) Seamless banking experiences with lower fees, instant transactions, and superior mobile banking interfaces.
• d) Reliance on physical branches

What is a standout initiative supporting Access Bank's growth and customer acquisition in underserved locations?

• a) Exclusive reliance on physical branches
• b) The Access Closa agent banking network.
• c) Reducing digital banking footprint
• d) Focusing only on high-net-worth individuals

How does customer acquisition enable Access Bank to expand its digital banking footprint?

• a) By reducing financial services to new demographics
• b) By introducing financial services to new demographics.
• c) By decreasing cross-sell opportunities
• d) By increasing churn

What is a key benefit of customer retention, as highlighted in the Module Summary?

• a) Increasing churn
• b) Fostering loyalty and increasing Customer Lifetime Value (CLV).
• c) Decreasing market share
• d) Increasing acquisition costs