Xchange has unveiled software which gives banking staff at every location a complete view of individual customers, and lets them turn the information into profit.
Xchange for Banking is the first eCRM solution designed for retail banks which lets companies coordinate marketing.
Banks are facing challenges in managing customer relationships:
• a decade of consolidation and cost-cutting has loosened their ties with customers and the employees who serve them
• they have built a costly infrastructure of people, bricks-and-mortar, call center, and eMessaging, but have no way of integrating them
• they have complex products and customer relationships that make measurement difficult.
The elements of Xchange for Banking can be mixed and matched:
• Xchange EnAct (frontline market management) enables branch personnel to use customer data for local campaigns
• central marketing campaign management enables targeted marketing campaigns by phone, mail, email and web
• banking-specific analytics, which provide insight into metrics such as top customers by net worth, rollover opportunities, account profit/cost analysis and quarterly growth by demographics
• Xchange Real Time helps businesses integrate front-office applications with online channels, branch offices and a central customer data warehouse.
According to research recently conducted by the Banking Administration Institute (BAI) and Xchange, 70% of banks surveyed said that they still do not share full information with the front line. Also, 53% of banking customers agreed that their bank is not using information to meet their needs better. Xchange for Banking provides a means to coordinate marketing on both a central and local level, across all customer channels.
“Increased competition has made retaining customers essential to survival,” said Andrew Frawley, CEO of Xchange. “At the same time, the increase in number of interaction channels has made treating customers consistently, more difficult. To ensure that a customer’s experience is consistent and relevant across every interface, businesses must coordinate every communication channel.
“Xchange offers the industry’s only solution that lets central and branch office managers identify profitable customers, plan face-to-face marketing initiatives, measure the success of those efforts and then integrate the results in an enterprise-wide eCRM solution,” he concluded.
Xchange eCRM solutions are licensed for use at 250 client sites worldwide, including those of Citigroup, DaimlerChrysler and Vodafone. The company is based in Boston with offices in Dallas, Denver, Seattle, Johannesburg, London, Munich, Sydney and Tokyo.