Xchange Inc., Boston, yesterday unveiled Xchange for Banking, an electronic customer relationship management solution specifically tailored to retail banking organizations.
Xchange for Banking unifies local and central marketing into single view, helping retail banks earn a greater profit from each customer, according to the company. It provides banking professionals at every level and location of an organization with the ability to take an in-depth look at an individual customer's wants, needs and behaviors and allows them to translate that insight into actions that increase the profit realized from the organization's customer base.
The solution, which was announced at BAI's Retail Delivery Show in New Orleans, helps banks use the information they receive from their customers more efficiently, according to Xchange.
Research recently conducted by the Banking Administration Institute and Xchange showed that 70 percent of banks surveyed reported that they still do not or cannot share full relationship information with the front line.
In addition, 53 percent of banking customers surveyed by BAI agreed that their bank is not using information to better meet their needs.
Xchange for Banking addresses these problems by providing a means to coordinate marketing on both a central and local level, across all customer channels.
Xchange for Banking consists of the following elements that can be mixed and matched to meet a bank's specific needs:
• The latest version of Xchange EnAct (front-line market management), a Web-based solution that enables branch personnel to leverage customer data for local campaigns and coordinate those campaigns with central efforts.
• Central marketing campaign management, which enables banks to turn customer insights into action through highly personalized and targeted marketing campaigns executed by phone, mail, e-mail and the 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, which helps businesses gain greater return on investment from their CRM investments by integrating front-office applications, such as sales force automation and call center software, with online channels, branch offices and a central customer data warehouse.