LAS VEGAS -
EconIQ, a Boston-based firm that provides enterprise solutions that aim to enhance frontline sales effectiveness, has rolled out IQ-Suite, a set of software tools to help tellers and MSRs better interact with members.
"It will enable a teller or MSR to capture information that members give away and respond to in real time with relevant questions and recommendations on products or services," explained Colin Piper, CEO of EconIQ.
The type of information a teller can capture, for instance, said Piper, would include anything that would have "financial implications," such as the member remarking they are selling or purchasing a home, remodeling or making a career move. But as sophisticated as the software is, it still is dependent upon human skills-and ears.
"The teller or MSR is encouraged to be a more active listener and capture information the customer is giving away," Piper said. "You can harvest that information and use it. A lot of time this information is written down and lost. Now the teller can capture it quickly with a single click and they get a prompt on the screen over which questions to ask, how to base their response and how to make a recommendation."
Piper said IQ-Suite can run on any credit union's solution and also runs in concert with any teller platform the credit union might be running. The ROI, said Piper, is straightforward and delivered in additional products per member of $100 per year. "Conservatively, a person on the system should be able to sell five to 20 products per year," said Piper, who spoke with the Credit Union Journal during a recent meeting in Las Vegas.
The IQ Suite consists of:
* IQ-Behavior, which monitors the behaviors of members and staff and suggests frontline improvements.
* IQ-Knowledge, a framework for delivering product and procedure information to support sales and service staff.
* IQ-Visibility, a reporting solution that provides configurable analytics and reports on frontline behavior.
* IQ-Connect, the implementation of the entire IQ-Suite.
In releasing the product, econIQ pointed to a survey from Cohen Brown Management Group, Los Angeles, that found 74% of frontline staff do not recognize the "clues" of a sales opportunity, while the Bank Administration Institute recently reported that it found that 79% of branch staff feel they lack the required sales skills needed.
