WorksheetsCustomer Acquisition, Retention & Relationship Management
Total questions: 60
Worksheet time: 20mins
Name
Class
Date
1.
According to research, how much more expensive is acquiring a new customer compared to retaining an existing one?
a)
a) Two to three times
b)
b) Five to seven times
c)
c) Ten to twelve times
d)
d) Equally expensive
2.
How does customer retention contribute to long-term profitability?
a)
a) By increasing short-term marketing expenses
b)
b) By generating more revenue over time through repeat transactions, deposits, and additional product adoption.
c)
c) By expanding market share only
d)
d) By solely focusing on new revenue streams
3.
What is the primary reason customer acquisition is essential for a financial institution's business growth?
a)
a) Reducing operational costs
b)
b) Expanding market share, increasing deposits, and boosting transaction volumes.
c)
c) Improving employee satisfaction
d)
d) Decreasing marketing expenses
4.
Which of the following is NOT listed as a key competitor for Access Bank in the Nigerian financial sector?
a)
a) Guaranty Trust Bank (GTBank)
b)
b) Zenith Bank
c)
c) First Bank
d)
d) United Bank for Africa (UBA)
5.
Which of the following is a way long-term customer relationships drive profitability?
a)
a) Decreased Customer Lifetime Value (CLV)
b)
b) Increased churn
c)
c) Higher Customer Lifetime Value (CLV)
d)
d) Higher Cost-to-Serve
6.
What is one way Access Bank's customer loyalty initiatives help in retention?
a)
a) Increasing attrition rates
b)
b) Ensuring customers remain engaged and satisfied through digital engagement via the AccessMore app.
c)
c) Focusing solely on new customer acquisition
d)
d) Reducing cross-sell opportunities
7.
What distinguishes digital-first financial institutions like Kuda and Moniepoint from traditional banks?
a)
a) Higher fees and complex interfaces
b)
b) Slower transaction times
c)
c) Seamless banking experiences with lower fees, instant transactions, and superior mobile banking interfaces.
d)
d) Reliance on physical branches
8.
What is a standout initiative supporting Access Bank's growth and customer acquisition in underserved locations?
a)
a) Exclusive reliance on physical branches
b)
b) The Access Closa agent banking network.
c)
c) Reducing digital banking footprint
d)
d) Focusing only on high-net-worth individuals
9.
How does customer acquisition enable Access Bank to expand its digital banking footprint?
a)
a) By reducing financial services to new demographics
b)
b) By introducing financial services to new demographics.
c)
c) By decreasing cross-sell opportunities
d)
d) By increasing churn
10.
What is a key benefit of customer retention, as highlighted in the Module Summary?
a)
a) Increasing churn
b)
b) Fostering loyalty and increasing Customer Lifetime Value (CLV).
c)
c) Decreasing market share
d)
d) Increasing acquisition costs
11.
What is the primary purpose of market segmentation in retail banking?
a)
a) To use generic messaging for all customers
b)
b) To improve conversion rates while reducing acquisition costs by targeting the right customers with the right banking solutions.
c)
c) To increase churn rates
d)
d) To broaden acquisition strategies
12.
Which type of market segmentation divides customers based on age, income, gender, education, and employment status?
a)
a) Geographic Segmentation
b)
b) Behavioral Segmentation
c)
c) Psychographic Segmentation
d)
d) Demographic Segmentation
13.
An example of Geographic Segmentation is encouraging urban customers to use mobile banking while rural customers benefit from Access Closa. What is the basis for this segmentation?
a)
a) Transaction patterns
b)
b) Location
c)
c) Lifestyle preferences
d)
d) Age and income
14.
What is the purpose of customer persona development for banks?
a)
a) To create generic customer profiles
b)
b) To develop highly personalized and effective acquisition strategies based on detailed, semi-fictional representations of ideal customers.
c)
c) To ignore customer pain points
d)
d) To use broad acquisition strategies
15.
What does Behavioral Segmentation categorize customers based on?
a)
a) Age and gender
b)
b) Transaction patterns, banking behaviors, and engagement levels.
c)
c) Location
d)
d) Values and financial priorities
16.
Which of the following is NOT a step in developing a customer persona in retail banking?
a)
a) Data Collection
b)
b) Pain Points Identification
c)
c) Ignoring Financial Goals & Habits
d)
d) Preferred Banking Channels
17.
What is the acquisition strategy for "The Digital-Savvy Salary Earner" persona (Tobi)?
a)
a) Offering fast-track SME loans
b)
b) Social media ads promoting zero-fee accounts, real-time notifications, and AI-driven financial insights through the AccessMore app.
c)
c) Onboarding through Access Closa agents
d)
d) Providing point-of-sale terminals
18.
What is a common pain point for "The Small Business Owner" persona (Amaka)?
a)
a) Slow dispute resolution
b)
b) High transfer fees and unreliable digital payments.
c)
c) Long distances to bank branches
d)
d) Lack of financial literacy
19.
Which method of prospecting involves incentivizing existing customers to introduce new customers?
a)
a) Scraping social media
b)
b) Cold emails
c)
c) Utilizing referrals from existing customers.
d)
d) Direct marketing campaigns
20.
What is the process of prequalification in retail banking sales?
a)
a) Preparing sales presentations
b)
b) Assessing whether a prospect is a genuine potential customer for Access Bank’s products or services.
c)
c) Closing sales directly
d)
d) Handling last-minute objections
21.
What is one of the challenges account officers face in getting referrals?
a)
a) Identifying best-fit customers to ask for referral suggestions.
b)
b) Over-simplifying the referral process
c)
c) Framing the referral as a win-win for the customer
d)
d) Consistently following up on referrals
22.
When preparing to engage a prospect in the marketplace, what should sales staff familiarize themselves with?
a)
a) Key products available at their branch
b)
b) Common trader concerns, such as safety of cash, POS needs, and daily transaction struggles.
c)
c) The prospect's salary payment delays
d)
d) Details about SME overdraft support
23.
What is the primary focus when stating the purpose quickly during the first point of contact (the approach)?
a)
a) Listing all product features
b)
b) Emphasizing how banking with Access Bank will simplify their financial life.
c)
c) Asking for personal information immediately
d)
d) Discussing complex financial terms
24.
What should a strong opening statement in a sales presentation primarily connect?
a)
a) The sales staff's personal achievements
b)
b) Access Bank's products to the prospect’s specific needs, matching solutions to their pain points.
c)
c) Industry jargon to impress the customer
d)
d) Only the features of the products
25.
When a customer mentions a need, what should the sales staff do to uncover the full picture?
a)
a) Immediately offer a product
b)
b) Use probing questions to dive deeper.
c)
c) Change the topic
d)
d) Interrupt the customer
26.
In the sales presentation, what is the purpose of starting with open-ended questions?
a)
a) To get a simple "yes" or "no" answer
b)
b) To encourage the customer to explain their situation and share financial routines, pain points, and preferences.
c)
c) To immediately offer a product solution
d)
d) To limit the conversation
27.
How does reflecting and confirming what has been heard help in the sales process?
a)
a) It makes the customer feel misunderstood.
b)
b) It builds trust and ensures the right solution is offered later.
c)
c) It prolongs the conversation unnecessarily.
d)
d) It allows the sales staff to avoid taking notes.
28.
What should sales staff lead with when pitching Access Bank's products?
a)
a) Features only
b)
b) Benefits, not features.
c)
c) Technical banking terms
d)
d) Competitor comparisons
29.
Which of the following is a "strong close" example?
a)
a) “So, what do you think?”
b)
b) “Shall we go ahead and open the salary account now?”
c)
c) “Would you like to open this account?”
d)
d) “Let me know if you're interested.”
30.
What is the role of traditional channels like branch banking in customer acquisition?
a)
a) Primarily for low-value transactions
b)
b) Critical for high-value and trust-based transactions such as corporate banking, mortgages, investment accounts, and wealth management.
c)
c) Irrelevant in the digital age
d)
d) Solely for quick service transactions
31.
What is the "close" in the sales process?
a)
a) An afterthought in the sales conversation
b)
b) The moment where the sales staff asks for a commitment from the customer.
c)
c) The initial greeting with the customer
d)
d) The research phase before engaging a prospect
32.
What is one way referral and word-of-mouth programs leverage existing customers?
a)
a) By decreasing loyalty points
b)
b) By offering incentivized customer referrals (discounted fees, cash rewards, loyalty points).
c)
c) By eliminating strategic partnerships
d)
d) By discouraging organic growth
33.
Which digital channel is used by the corporate communications team for broad reach and engagement, often leveraging AI for targeted advertising?
a)
a) Email & SMS Campaigns
b)
b) Banking Apps & Self-Service Portals
c)
c) Social Media Marketing (Facebook, Instagram, Twitter, LinkedIn, TikTok).
d)
d) Agent & Community-Based Banking
34.
How do Corporate & SME Partnerships serve as a gateway to retail customer acquisition?
a)
a) By avoiding payroll integration
b)
b) By attracting new business owners through SME financing solutions.
c)
c) By creating automatic account onboarding without partnerships
d)
d) By solely focusing on corporate accounts
35.
What is the primary benefit of Banking Apps & Self-Service Portals for customer acquisition?
a)
a) Increased operational costs
b)
b) Digital self-onboarding for new customers and mobile-driven engagement that reduces operational costs.
c)
c) Reliance on physical agent networks
d)
d) Decreased financial inclusion
36.
In multi-channel integration, what is the role of the Corporate Communications team?
a)
a) Providing insights on customer behavior only
b)
b) Setting the tone and consistency across all marketing channels.
c)
c) Supporting targeted acquisition efforts
d)
d) Handling direct customer outreach
37.
What percentage of Access Closa agent inquiries followed through with completing the onboarding process?
a)
a) 50%
b)
b) 40%
c)
c) 30%
d)
d) 20%
38.
How can cross-channel integration improve customer experience?
a)
a) By creating silos between online and offline interactions
b)
b) By ensuring a seamless transition between online interactions and offline engagements (branches, sales reps, agent banking, etc.).
c)
c) By solely focusing on digital campaigns
d)
d) By reducing customer feedback loops
39.
What was the conversion rate for customers who clicked on Access Bank's Instagram ad to those who signed up?
a)
a) 50%
b)
b) 40%
c)
c) 30%
d)
d) 20%
40.
What is a common issue observed with employees who open accounts through corporate referrals from SMEs?
a)
a) They actively use all bank services.
b)
b) Many transfer funds out immediately, reducing engagement with the bank’s services.
c)
c) They frequently visit branches for complex needs.
d)
d) They primarily engage with investment products.
41.
What is a common reason customers leave due to poor customer experience?
a)
a) Tailored product offers
b)
b) Transaction failures, long wait times, slow issue resolution, or staff indifference.
c)
c) Automated loyalty programs
d)
d) Consistent digital adoption
42.
Which of the following is an example of customers switching due to better offers from competitors?
a)
a) A customer frequently experiencing failed transfers via the AccessMore app.
b)
b) A young professional receiving retirement investment offers.
c)
c) Customers switching from Access Bank to Moniepoint for SME services because of faster POS settlements and lower transaction fees.
d)
d) A high-value customer experiencing a delayed loan disbursement.
43.
Why is customer retention critical in retail banking?
a)
a) Because acquiring a new customer is equally expensive as retaining an existing one.
b)
b) Because acquiring a new customer is five times more expensive than retaining an existing one.
c)
c) Because new customers generate more revenue.
d)
d) Because it simplifies the sales process.
44.
What can operations staff and account officers do to prevent customer churn?
a)
a) Encourage customers to "come back later"
b)
b) Push customers towards digital services without education
c)
c) Take ownership to resolve issues or ensure a follow-up is scheduled.
d)
d) Ignore early warning signs of dissatisfaction
45.
When rebuilding relationships with dissatisfied customers, what is the first practical action?
a)
a) Offer a gesture of goodwill
b)
b) Listen without defensiveness
c)
c) Acknowledge the past problem and apologize.
d)
d) Provide a clear solution
46.
How can banks utilize customer data and predictive strategies for retention?
a)
a) By ignoring behavioral analytics
b)
b) By leveraging AI-Powered Predictive Models that flag disengaged customers and recommend personalized interventions.
c)
c) By reducing Customer Lifetime Value (CLV)
d)
d) By stopping proactive engagement
47.
What is a key technique for personalized follow-up with high-value customers?
a)
a) Sending generic marketing messages
b)
b) Assigning Relationship Champions (e.g., branch managers or account officers) to monitor and handle top customers.
c)
c) Focusing only on transactional interactions
d)
d) Delaying resolution of their complaints
48.
What is a way to foster emotional loyalty and ensure long-term retention?
a)
a) Implementing generic, mass-marketing efforts
b)
b) Offering tailored benefits based on customer preferences through personalized rewards & loyalty programs.
c)
c) Limiting access to new products
d)
d) Focusing solely on transactional relationships
49.
What is a key aspect of enhancing customer experience via digital channels?
a)
a) Inconsistent experience across channels
b)
b) Seamless Omni-Channel Banking, ensuring a consistent experience across branches, mobile apps, USSD, and WhatsApp banking.
c)
c) Limited customer support hours
d)
d) Avoiding proactive feedback loops
50.
What is emotional intelligence (EI) in the context of retail banking?
a)
a) The ability to ignore customer emotions
b)
b) The ability to understand, manage, and respond effectively to your own emotions and those of others, especially in sensitive financial matters.
c)
c) The ability to blame customers for issues
d)
d) The ability to avoid all customer interactions
51.
What is a proactive retention strategy for dormant customers?
a)
a) Waiting for them to return on their own
b)
b) Contacting them by phone call or visit to ask how the bank can better serve them.
c)
c) Deleting their dormant accounts
d)
d) Sending generic promotional offers
52.
What does 'Empathize' in the LEAF Approach involve?
a)
a) Blaming the customer
b)
b) Acknowledging the inconvenience or frustration.
c)
c) Interrupting the customer
d)
d) Ignoring their feelings
53.
When handling difficult customers, what should staff avoid doing?
a)
a) Taking a deep breath
b)
b) Acknowledging the customer’s frustration
c)
c) Being defensive or blaming.
d)
d) Offering solutions
54.
In the LEAF Approach to conflict resolution, what does 'L' stand for?
a)
a) Learn
b)
b) Listen Actively
c)
c) Lead
d)
d) Lament
55.
When de-escalating a customer upset about an unauthorized debit, what is a key element of an effective response?
a)
a) Immediately blaming another department
b)
b) Signaling urgency and building personal accountability and trust with phrases like “We will sort this out today” and “I promise.”
c)
c) Stating it's not the staff's fault
d)
d) Ignoring their economic frustration
56.
For a customer complaining about long wait times, what does the proposed de-escalation response aim to do?
a)
a) Make excuses for the delay
b)
b) Acknowledge frustration, take ownership, and offer future reassurance.
c)
c) Tell the customer to come back later
d)
d) Blame the customer for coming at a busy time
57.
What is the role of customer data in improving banking relationships?
a)
a) To send generic offerings to all customers
b)
b) To predict customer needs and personalize services.
c)
c) To ignore customer preferences
d)
d) To reduce transparency in data collection
58.
When a customer threatens to close their account out of frustration, what is a recommended de-escalation response tactic?
a)
a) Immediately processing the closure
b)
b) Using an "Abeg" tone (where appropriate), reframing as problem-solving, and giving the customer power to decide post-resolution.
c)
c) Ignoring their complaints
d)
d) Becoming defensive
59.
Based on the case study in Module 6, what was the top reason for customer disengagement at Access Bank?
a)
a) Better competitor offers
b)
b) Lack of digital adoption
c)
c) Poor customer experience (slow dispute resolution, long branch queues).
d)
d) Service failures
60.
What is an ethical consideration in data usage for banks?
a)
a) Using customer data for targeted marketing without consent
b)
b) Always securing customer approval before using their data for targeted marketing. ✅
c)
c) Keeping data collection processes hidden
d)
d) Ignoring data security regulations
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