Allegiance Fast Track Program for Financial Services Reduces Customer Churn and Increases Revenues

Engaging “swing” customers can increase bank’s revenues by more than $23 million; Out-of-the-Box solution provides real time customer insights that improve business outcomes

SALT LAKE CITY –  May 29, 2013 – Allegiance, a provider of VOCi (Voice of Customer Intelligence) technology and services, today announced the availability of the Fast Track program for Financial Services, a pre-configured package of software and services specially designed to provide real time insight into the customer experience for financial service organizations. Fast Track for financial services includes pre-configured surveys, analytics, reports, and alerts that are tailored to the specific needs of banks and credit unions to reduce customer churn by measuring and managing the customer experience.

Customer engagement continues to dwindle for financial services firms, according to Allegiance’s Pulse of America survey, an industry benchmarking service dating back to 2007. In retail banking, only 26 percent of customers are now classified as “Engaged,” down from 53 percent in 2007, prior to the financial meltdown. At the same time, the ranks of “Swing” customers have swelled to more than 62 percent, meaning the majority of customers now hang in a vulnerable balance. This creates risk for some firms and opportunity for others.

Pulse of America data also shows that engaging just one percent of “Swing” customers can yield more than $23 million in annual revenue for a large retail bank, with $14 million from increased referrals, $5 million from increased share of wallet, and $4 million from increased retention. A robust “closed-loop” process to respond directly to customer feedback can yield another $14 million in customer retention alone.

By delivering insight into the customer experience in real time, the Fast Track program allows financial organizations to close the loop directly with customers, coach employees based on their performance, and act on systemic issues to significantly increase retention and growth. They include best practice methods to measure and manage overall customer relationships, contact center experiences, website experiences, and store or branch experiences.

Fast Track programs provide the same flexible tools that leading enterprises use to collect, analyze, and act on customer feedback. Users can design customized ad-hoc surveys, perform analyses, create reports and dashboards and set up action alerts. There are also options to scale up with easy add-on tools or upgrade to more advanced capabilities like Spotlight® data mining and case management systems.

Available for specific targeted industries and functions, each Fast Track solution includes pre-configurations of the following:

  • Relationship or Interaction Survey: A pre-programmed survey to measure customer experience and loyalty.
  • Dashboards and Reports: Best practice reports that turn data into insight.
  • Action Alerts: Real-time email alerts to follow up with individual customers who are at risk.
  • Data Integration: One connection to an existing data source to generate more complete insight.
  • Social Media Advocacy: Seamless integration to send happy customers to social sites to promote a brand.
  • Training and Support: Self-paced and instructor-led courses on the product and industry best practices.

“Financial services firms are especially vulnerable to losing a large portion of their customers who are not engaged with their institution. It is vitally important for banks and credit unions to act on customer insights by delivering them directly to the right people in their organization,” said Carine Clark, president and CEO of Allegiance. “The Allegiance Fast Track solution gets them up and running fast, right out of the box, which will put them on a path to increase customer retention and referrals.”