Enterprise Cross-Sell® framework
Integrating predictive marketing intelligence at the point of sale is helping financial institutions increase customer profitability by as much as 30% annually, through improved cross-selling effectiveness and reduced attrition
—Andy Callen, managing director of Insight
A New View of the Customer
In today’s increasingly competitive market, how can financial institutions (FIs) enhance and deepen relationships with existing customers? Loyalty and trust is at an all-time low, and the cost of new customer acquisition continues to climb. It’s both cost-effective and part of an enduring customer relationship strategy to use optimized cross-sell technology to expand wallet share. At its best, cross-sell allows big banks to act like small, community banks by gaining a holistic customer view through every point of contact.
Timing Is Everything
Zoot’s innovative Enterprise Cross-Sell ® framework delivers this capability to leading institutions. Through its completely integrated automation, you can put the right product into the hands of the right customer at the right time. Complete integration overcomes siloed lines of business (LOBs) across the enterprise and supports a holistic view of the customer. This means lines of business can share information and prioritize offers that are most relevant to that person at that time, and present and book the offer in realtime.
Do More with Less
Organic growth is easy through an enterprise cross-sell capability that seamlessly connects the credit decisioning and loan origination efforts of siloed lines of business. Not only is efficiency increased by sharing business rules, policies, and attributes that are common across the enterprise, but also by having a single connection to vendors, shared data, and a central offers repository.
In addition, a centralized system reduces maintenance costs and expedites updates to policies. Properly implemented, Enterprise Cross-Sell pushes information out to various channels, making more offers possible without additional staff or time. At the same time, the customer receives better service by not being inundated with generic offers and by getting consistent, compliant information from everyone at the bank.
Proven Return on Investment
One financial institution broke even on their investment in Zoot’s Enterprise Cross-Sell solution in less than 18 months. One line of business alone saved over $1 million, while another increased volume 600 percent without additional staff. In addition, time to decision applications was reduced from two weeks to two seconds.
The concept of cross-selling is not new, but the ability to implement it well is uncommon because it requires the experience to see the many moving parts and support your FI’s unique vision. Often this means bridging executive and managerial gaps to create the marriage between marketing and technology. With Zoot’s twenty years as a strategic partner to many of the nation’s leading lenders, our Enterprise Cross-Sell software solution is built from tools and services that can be configured to exactly meet the needs of you and your customers.
Zoot was issued U.S. Patent No. 7,805,330 for its Enterprise Cross-Sell Management Solution on September 28, 2010.
White Paper, “Customer Intimacy: Connecting through Cross-Selling”