Now Is the Time to Position for Recovery
Currently, the most pressing business concern for financial institutions (FIs) is new revenue generation through account growth, including both wallet share and customer acquisition. Fortunately, Zoot’s solutions support financial institutions’ strategies through innovative tools, intuitive interfaces, and multichannel integration supported by an offers repository.
Grow Accounts: Right Products - Right People - Right Price
The ability to match a customer’s credit capacity with attractive pricing that is profitable for the FI is essential for ensuring you are offering the right products to the right people at the right price.
Zoot’s pricing engine enables FIs to customize products, pricing, and the decisioning process from predefined data sets. The data can be specifically tailored in virtually endless configurations of the attributes you choose, such as demographics, credit history, credit application information, or credit scores. This allows you to set pricing according to the best practices of your institution and to the behavior of your consumers.
Do You Know Your Customer?
Having information on your customers is critical and being able to share that information across multiple channels and lines of business (LOBs) is important to enhance the account origination process. Zoot’s Offers Repository tracks all offers made in a central database accessible to all LOBs so that if a customer has already declined an offer through one channel, they won’t be re-presented with the offer through another channel. Not only does this improve the customer’s experience and trust in the institution, but also it saves the cost of re-decisioning the customer within a short amount of time.
Presenting personalized offers is key to increased acceptance rates. Zoot’s zAcquire® instant prescreen decisioning solution enables institutions to use this feature and make realtime credit decisions during a transaction through any channel of the institution, and in some cases make effective product cross-sells. With our instant prescreen solution, FIs have gone from 0.6 percent acceptance rates for batch prescreen to 20 percent acceptance rates.
Results Are In: Increased Customer Satisfaction
In a competitive market, FIs must differentiate themselves by doing what others can’t—better understand your customers. When you offer your customers the right products at the right price at the right time for them, they are most likely to accept the offer and to remember a positive experience.
To increase your ability to specifically meet your customers' needs, Zoot offers flexible technology built from tools and services that allow you to tailor your solutions any way you want them. Zoot also offers business user control to enable market responsiveness and reduce dependence on IT resources. With Zoot’s solutions, your FI will have a lift in ROI and a foundation for sustainable growth.
White Paper, “A Strategic Approach to Increased Account Opening”
Webinar, “Come Together: Executive Imperative for Account Acquisition"
Webinar, “Breaking Through: Online Acquisition that Works”
Industry Brief, “An Integrated Approach to Account Origination”