Finance & Investment, How Financial Institutions are Working to Improve the Customer Experience

by 10x Marketing - Date: 2008-08-22 - Word Count: 499 Share This!

In this tenuous economy companies need to fight to keep their clients. As consumers, we are constantly searching for the company that can provide us the best, most efficient experience. We will walk away from an opportunity if it does not meet our immediate expectations. Financial institutions are trying to better their customer service and meet all of our needs. With the hopes of meeting all our needs, financial institutions strive to create a faster and more efficient process so that they are able to increase customer satisfaction.


Automated decisioning is a type of software that allows real time decisions about credit. It allows institutions to serve the customer by delivering complex credit decisions instantly. When you want a decision regarding whether or not you are going to be approved for a credit card or loan, you want to know instantly. But, have you ever thought about how companies have transformed this manual, slow, resource-intensive process into an automated, real-time and efficient one? Just think how long it would take if you had to wait while the banking professional sent your paperwork down to the correct department to approve the loan - you could probably expect a call in several days. Now with innovative Automated Decisioning and Account Origination software, financial institutions have the ability to approve in just minutes. However, amidst the automation we don't want our institutions to lose the ability to serve our individual needs. We want our financial institutions to understand exactly what we want. Account origination software allows financial organizations to rapidly process loan applications while providing this customized service.


Financial institutions rely on this automated, immediate decision making processes daily in order to verify consumer's credit worthiness. What if it started to make mistakes? What if the system was not secure and confidential data was stolen? Companies know that in this day and age of identity theft, their system must provide customers with the knowledge that they are offering something that is secure, confidential and reliable. This becomes especially important when financial institutions are using the software 24 hours a day 7 days a week 365 days a year. Customers do not want to wait for their answers and they want it to meet strict guidelines.


Further, as financial institutions work to improve our retail banking experience they seek to automate and cross-sell more products. If consumers have 4 or more accounts with their institution they are that much more likely to stay. Therefore, by creating software to easily prescreen and cross-sell, financial institutions are able to capture more of their customers' interest with more service offerings. Often, you may receive information from your financial institutions regarding car insurance they offer, life insurance they just started, or a new credit card you are pre-approved for. This total experience is meant to secure more customers and keep them longer.


About the Author: Rebecca Beckett is a freelance writer for Innuity For more information regarding account origination or automated decisioning, go to ZOOT Zootweb.

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