Customer acquisition has always been one of the top agendas for banks and financial institutions. This whitepaper, developed by IBS Intelligence and Temenos, analyses the dynamics and drivers of customer retention and looks at the various strategies currently in play within the European banking industry. The objective of this whitepaper is to give the reader a fresh perspective on the criticality of customer retention and how digital technology can help in developing an effective strategy. The whitepaper was written by the IBS research team based on their research and discussions with Temenos and various banks in Europe. The discussions revolved around the challenges that banks face in retaining their customers, the role of technology in managing customer relationships and the current and future strategies being employed to retain customers.