What is CLV for banks?

Could you elaborate on the significance of CLV, or Customer Lifetime Value, in the context of banking institutions? How does it factor into their strategic planning and decision-making processes? What metrics do they typically consider when calculating CLV, and how does this information help them enhance customer satisfaction and retention rates? Additionally, how does CLV compare to other key performance indicators (KPIs) that banks monitor to assess their financial health and growth potential?