Deposit Growth

Delivering On the Promise of Deposit Growth

In today's marketplace, the difficulty with deposits is retaining them and doing this with a customer base that increasingly views banking as a commodity rather than a relationship. So the issue facing financial executives is preserving and growing the franchise in an often fickle and hyper-competitive environment. Over time, customers have been conditioned to look for the next "best deal" and surfing the web has now made that possible with little effort.

To remain competitive, the financial industry has been forced into offering lavish rewards, expensive giveaways or generous rates just to open an account with arguably little to no effect on building a loyal banking relationship. With competition only a click away, the challenge heard is "how can we set ourselves apart and at what cost to the bottom-line?"

Opportunity - Know Your Customers' Needs

Existing Master Customer Information Files (MCIF) and Customer Relationship Management (CRM) systems provide large databases of customers' financial information and transactions. Although these are common data elements existing within the four walls of most financial institutions, what's lacking is customer behaviors and preferences. By knowing the customer's needs and goals along with a complete financial picture, Ignite Sales has proven financial institutions will gain multiple accounts and retain their loyalty.

Ignite gathers data directly from the customer collecting up-to-date information. This information rounds out the financial picture providing the financial institution with a unique understanding of the wallet size often unknown during traditional customer interactions.

With this knowledge, the institution knows precisely what initial product to sell and what other products may be of interest to that customer. In addition, the up-to-date information can be integrated into the institution's legacy systems providing a missing piece of customer profiling. Ignite's clients gain $6.00 for every $1.00 spent. Optimizing deposit growth through this proven technology establishes a simpler, relevant, and personalized sales process.

Advantage

The front-end user-interface, by design, is simple to use, navigate and implement. The complexity, which is built into the back-end, runs comparisons, trend analysis, and purchase predictions real-time against the millions of customer profiles within the Ignite database. Regardless of channel, Ignite's Customer Relationship Guides provide a one-to-one interaction allowing the customer to provide the financial institution with immediate insight into their financial needs, goals and position. The interactive guides gather the information submitted by the customer and pass it through Ignite's patented predictive engine to learen from each interaction.

The engine takes all the data, including customer behaviors and preferences, and matches those data elements to the aggregated data base creating a specific profile. Now the customer can be presented a personalized solution based on their responses. Ignite continually communicates real-time to the interactive guide, giving product recommendations, peer comparisons and the next best cross-sell all based on the customer's input and the financial institution's business rules. The customer is equipped with the correct solution for their needs, in line with the financial institution's objectives, and is educated to take action.

The customer relationship builds from there. While Ignite's system continually churns the data, the financial institution obtains executive reports that provide profiles with next best product predictions. Utilizing these reports, the financial institution has just honed their marketing targets to those most likely to purchase other products utilizing relevant messaging. On-boarding becomes more cost efficient and simpler.