SwiftKnowledge introduces pre-configured banking application for customer product retention
EDEN PRAIRIE, MN, Nov. 3, 2009 -- SwiftKnowledge, LLC, a global provider of web-based business intelligence (BI) software, announced today SwiftKnowledge Customer Product Retention, a new SwiftKnowledge for Banking BI application. The company announced the news at the Bank Administration Institute’s Retail Delivery Conference and Expo, being held Nov. 3-5, 2009 in Boston, Mass. SwiftKnowledge is exhibiting in booth #769 at the event.
SwiftKnowledge Customer Product Retention empowers bank branch managers and marketing teams to analyze customer acquisition and retention data over time in order to identify trends related to specific campaigns, demographics or geographies. With this information, they then are better positioned to design and implement strategic marketing programs aimed at proactively retaining current customers and growing current accounts.
“A recent study by J.D. Power and Associates indicates banks risk losing their most profitable customers because customers with the lowest levels of commitment to their retail banks maintained deposit balances 15 percent higher than the average,” said Daniel Moloney, Ph.D., president for SwiftKnowledge. “Bankers readily admit it’s more profitable and economical to retain existing customers and grow existing balances than to attract new customers, but they often lack the necessary, comprehensive customer intelligence to accomplish this goal. Our new SwiftKnowledge for Banking Customer Product Retention application meets this need by enabling bankers to better identify the strongest marketing catalysts for up-selling and satisfying the needs of existing customers, while also helping to identify the best marketing tactics and sequences for new customer recruitment.”
The pre-configured SwiftKnowledge Customer Product Retention application analyzes a variety of banking account data points – including open and close dates for specific products owned by a banking customer – in order to spot trends or inflection points regarding attributes such as product “stickiness.” This insight allows banks to strengthen their relationships with existing customers.
“Additionally, another 2009 J.D. Power and Associates report on bank mergers and acquisitions found the likelihood of customers switching banks increases by up to three times after their bank merges with or is acquired by another financial institution,” Moloney said. “With an increasing number of bank mergers and acquisitions taking place during today’s turbulent economy, this finding implies a growing number of customer accounts will be placed in jeopardy, so banks need to take steps to proactively and aggressively preserve these client relationships. Our Customer Product Retention application can help them accomplish that goal.”
The SwiftKnowledge Customer Product Retention application integrates with core banking data and data stored in ancillary systems – such as trust systems or marketing campaign management systems – to give banks a complete, intuitive view of critical business information. The 100 percent web-based SwiftKnowledge technology deploys quickly and is specifically designed for high-volume use by non-technical business users, as determined by the bank’s information access policies.
Pricing and Availability
SwiftKnowledge for Banking Customer Product Retention is available now. For more information, contact email@example.com .
About SwiftKnowledge for Banking
The SwiftKnowledge for Banking business intelligence product suite has revolutionized the banking market by providing real-time, secure, 100 percent web-based access to multiple financial data sources for proactive, effective management of key performance indicators such as risk, cash and growth. The easy-to-use, integrated solution offers a full array of reporting and analytics, proactive notification, and predictive modeling functionality for deposit management, financial management and loan management applications including cash management, customer product retention, customer/prospect marketing, customer management, stress testing/credit quality management, peer comparisons, portfolio management, profitability management, teller management and vendor management.
The patented scalability and security features of SwiftKnowledge technology satisfy banking’s rigorous IT environments, while its intuitive, web-based interface appeals to non-technical business users. With SwiftKnowledge, non-technical users effortlessly access a secure, integrated, dashboard view of banking information originating from existing core systems and ancillary banking databases, and then easily manipulate the data for analysis and reporting. These SwiftKnowledge capabilities give all banking staff – from the president to the personal or business banker – greater visibility into the enterprise, so they can better respond to, prevent or predict critical opportunities or challenges.
About SwiftKnowledge, LLC
SwiftKnowledge, LLC is a global software provider of powerful, patented business intelligence (BI) technology which drives strategic metrics and enables better decision-making throughout an organization. Via an easy-to-use, integrated analytic solution specifically designed for non-technical business users, this 100 percent web-based technology gives organizations real-time, secure access to multiple data sources for proactive, effective management of key performance indicators. For more information, visit www.swiftknowledge.com.
SwiftKnowledge and the SwiftKnowledge logo are registered trademarks or trademarks of SwiftKnowledge, LLC in the USA and other countries. All other trade names are the property of their respective owner.
|DSS Home | About Us | Contact Us | Site Index | Subscribe | What's New|
|Copyright © 1995-2021 by D. J. Power (see his home page). DSSResources.COMsm was maintained by Daniel J. Power. See disclaimer and privacy statement.|