Synapse Technology Inc., an event-based marketing solutions company that targets the banking industry, has been working closely with an unidentified U.S. credit data agency to add consumer credit triggers to its flagship SynapseEBM product suite.
Synapse, Charlotte, NC, made the announcement last week.
Credit triggers are alerts that notify an institution when a customer looks outside the bank for additional lines of credit. Using these triggers can increase customer retention and revenue, Synapse said.
The credit alerts initially will be offered in three categories: credit retention alerts, credit cross-sell alerts and credit prospect alerts. The alerts will be integrated into the existing SynapseEBM daily process, which analyzes and interprets customer behavior and distributes daily sales alerts to branch and call center associates.
SynapseEBM uses long-term transaction behavior and specific account triggers to identify and provide retention and cross-sell opportunities. The system uses the Synapse Transaction Behavior Marketing methodology to interpret and compare current behavior to a customer’s historical behavior. By using a series of formal statistical methods, the daily customer specific behavior analysis recognizes behavioral changes and identifies new sales and service opportunities. Based on this information, financial institutions can use channels such as call center, e-mail, direct mail and relationship banker to take advantage of these opportunities.
