Amdocs Software Helps Banks Fight Churn
Three customer relationship management products for the financial services market were introduced yesterday by Amdocs, a CRM software and services provider. They are:· Amdocs Dynamic Pricing and Product Bundling Solution.
· Amdocs Customer Communications Solution.
· Amdocs Mobile and Micro-payments Solution.
Amdocs, St. Louis, has 50 customers in financial services including leading institutions such as ABN AMRO.
Amdocs said these solutions complement its Dynamic Banking model, designed to help retail banks combat customer churn, the profit draining loss of patrons.
Retail banks have low customer loyalty and experience significant turnover each year, according to Amdocs. The average customer uses less than two products at one bank, yet has ties to an average of four other financial institutions. Dynamic Banking bundles products and tailors services using customer data to help increase the number of products/services used per customer, building loyalty and reducing churn.
The Dynamic Pricing and Product Bundling Solution lets a bank integrate similar processes in each line of business into one business component, such as an enterprise-wide catalog, that can operate across the company. These horizontal components let banks reduce maintenance costs by eliminating redundancies and increase the potential to cross-sell products.
The Customer Communications Solution lets banks aggregate account information and personalize customer correspondence services through print and electronic formats. This could help banks reduce product and mailing costs up to 30 percent.
The Mobile and Micro-payments Solution provides a secure infrastructure to link a mobile phone network with the banking network to transform the phone into a payment point and personalized banking device.
Melissa Campanelli covers postal news, CRM and database marketing for DM News and DMNews.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters
