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Historically, banks have been highly service-oriented. Expanding that type of culture to consistently include sales can be challenging, especially for those on the front line. Typical challenges at the branch level include:
- Convincing or training associates that 'selling' doesn't mean sacrificing service
- Juggling time and resources to include product and sales training
- Lack of tracking systems for leads, follow up, and closures
- Accessing customer information needed for productive selling
COA squarely addresses these challenges by providing a systematic way to make selling easier for front line associates. COA provides agents with a daily prioritized list of who to call, what the sales opportunity is for those customers, and the best product to offer the customer. COA provides an easy way to make and track referrals. COA gives banks the ability to transition from service to service and selling.
Most bankers would agree that referrals are an important component of a deposit growth and retention strategy. Ironically, for many banks, referrals are not executed effectively. Commonly used paper-based systems inherently contain numerous gaps that yield significant performance shortfalls. While agent training can improve the effectiveness of referrals, a tight process flow, and timely and accurate information support is also needed.
COA makes referrals painless for the front lines and easily executable for sales agents. CSR’s can quickly create and assign a referral. COA automatically passes on critical customer relationship information to the receiving agent. Comprehensive reports provide up to the minute tracking for referral performance measures such as follow up, closes, and overall summary statistics.
Run off, run down, household attrition, and churn are all attrition related concerns. Add in the mix of different products, and managing attrition becomes a very complex problem indeed. Managing attrition requires early detection, 24-48 hour response time, intelligent customer dialog, and delivering the right retention incentives to the customer.
COA drills through the complexity of attrition by finding indicators of customers likely to attrite, providing daily alerts to the designated agent, and recommending the appropriate action to take with the customer. It's highly configurable giving each institution the ability to tailor attrition management specifically to their business conditions and products.
For bank marketing managers, effectively pushing marketing campaigns out through the branch network has always been difficult. Knowing who responded to a campaign, what follow up actions took place, and determining the final outcome are extremely valuable. With COA, managers have full visibility to complete campaign performance with on-demand access to detailed reports. Marketing managers can close the loop on marketing campaigns from launch to final sale.
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