ASA’s Customer Opportunity Advisor (COA) is a system that makes retail banks more effective at sales and managing customer attrition. The system finds relevant opportunities within the customer base, delivers a daily list of prioritized customer opportunities to the branch, provides branch managers with assignment control, provides associates with the information and guidance to effectively act upon each opportunity, and tracks and reports activity and progress. That means higher sales, lower attrition, higher value customer interactions, lower ongoing training costs, and greater visibility and accountability of sales and lead management performance.
In a nightly scheduled process, COA processes data and uncovers important events or combinations of events hidden within customer transactions and profiles. COA contains a powerful rules processor and predictive analytics. These technologies detect specific indicators of events and opportunities such as new account attrition, run off, run down, and maturing CD’s. Each night COA identifies these opportunities, ranks them, and electronically delivers a clear action list to each appropriate branch the next day
Through the Opportunity Management Console, managers can view and assign leads to specific associates each workday. Associates can then view and act on their assigned leads, make referrals, indicate actions and progress, and outcomes. Managers have a complete reporting facility to track activity, close rates, aging, and much more.
COA contains a host of pre-defined reports that deliver information on specific work activities as well as overall sales and promotion performance. For example, the Branch Activity Report provides a summary of open and closed leads by branch and lead category. You may choose from a number of options to filter data based on time, opportunity type, assignment, etc.
The system reduces training costs and manager workload in two ways. First, branch managers often spend a lot of time guiding sales associates through the intricacies of selling, including deciding the best products to offer, product knowledge, key benefits, etc. COA provides associates with sales assistance in the form such as call scripts, product information, and customer relationship details for each opportunity that has been identified. Having the right information at the right time reduces both manager workload and training costs.
Second, managing daily sales activity and tracking the lead follow up process can be burdensome for branch managers. Tasks generally include compiling information from several sources, creating reports, communicating changes in assignments, and rolling up activity to determine overall program performance. COA provides managers with a complete view of lead management activities. Identifying poor performance, aging leads, making re-assignments, and recognizing what needs improvement, becomes far easier.
Fierce competition for new customers has made attrition a widespread and costly problem. Studies have shown that attrition is highly related to the quality of the customer experience and the depth of the relationship. COA helps reduce attrition in several ways. First, event driven alerts proactively notify associates when customer loyalty is at risk. For example, new deposit accounts are at higher risk in the first 45 days after opening. COA can identify at at-risk customer and determine whether follow up action is necessary to preserve the account. Second, COA enhances the customer experience by "shaping" interactions at the individual customer level. This includes generating helpful sales scripts that contain relevant product recommendations, as well as providing bank associates visibility to a customer's history and profile as needed. Timely alerts, access to relevant information, and interaction assistance must all be properly balanced to effectively reduce attrition.
The key to selling additional products or selling across business lines can be reduced several key elements:
- Successful identification of the best customer opportunities
- Knowing the best product or service to offer each customer
- Being prepared with the helpful product and customer information at the time of interaction
- Effectively interacting with the customer to close the sale
COA helps your organization accomplish this with ease. COA automatically sifts through customer activity to identify the best opportunities as they unfold. Integrated analytics assist in determining what the offer should be such as the best product to cross-sell for achieving the highest acceptance rates. Visibility to the customer profile keeps associates in the know throughout the interaction. Lastly, COA helps associates in their cross-sell efforts with information like customized scripts.
COA contains a powerful rules processor that incorporates customized as well as pre-defined industry best practices, to accurately determine the significance and priority of new opportunities. ASA works with your organization to tailor these best practices to reflect your organization’s specific needs. Typically this includes mapping out a customized qualification process specific to your bank’s overall goals and operating style. Additionally, other facets such as customer data, existing business policies, and product offerings are incorporated to arrive at the rules needed to determine when a significant opportunity has unfolded and what the best course of action is.
Absolutely. COA is very flexible so each branch can be set up to operate using very specific criteria if desired. This differentiation can include featured promotions, scripts, etc. Or, it can extend to an operational level such as type of branch (full service, in-store, express), geographic location, market segment, or performance (high, medium, and low sales production).
COA works with your data no matter where or how it is stored. It does not matter if you have a data warehouse, a data mart or separate databases. You can use COA.
Generally the answer is "no". COA was designed to run on hardware typically found within retail banking operations. However, since each institution’s system architecture and requirements may differ slightly, early in the process, ASA can help determine if there are any additional hardware or software may be required.
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