Deluxe Offers Technology Assist to Consumers Who Want to Switch Banks

As Congress considers a bill intended to help people switch banks — Rep. Brad Miller's (D-NC) Freedom and Mobility in Banking Act — and a second Move Your Money day is scheduled for November 5, both reactions to new fees announced by large banks, Deluxe has come out with a new product that helps consumers switch from one financial institution to another.

The new product, SwitchAgent, was introduced at the BAI Retail Delivery conference last week. It's a combination of a database technology and live concierge services that helps consumers unwind their online bill pay relationships with their bank. According to Deluxe, banks and credit unions using SwitchAgent service in beta tests experienced a 70 percent switch completion rate.

"Changes in bank practices are prompting many people to closely examine the terms of their bank relationships," says Cindy Cantrell, senior marketing and retail operations officer for Bank of Tennessee, in a press release. "SwitchAgent allows us to both acquire new accounts and ensure that new customers complete the account transition as smoothly as possible."

According to a study by J.D. Power & Associates, 66 percent of account holders would consider switching primary financial institutions, but many accounts go dormant due to the laborious transition process. SwitchAgent assists in shifting multiple billing vendors such as mortgage payments, Social Security payments, and gym memberships to new accounts, easing the transition process for both the financial institution and the consumer.

SwitchAgent features a proprietary biller database and patent pending technology that addresses the scheduling and distribution of billing notifications on the customer's behalf. The customer is kept informed through emails and a Switch calendar so they stay aware of their account status.