Frontline Should Be The Fuel In Your Marketing Engine
ALBANY, N.Y.–A paper from direct marketing firm Media Logic profiles how companies can get the most out of their marketing efforts by using their frontline employees as powerful sales tools to promote products and services.
“Smart marketers use every sales tool at their disposal and it’s important that marketers view every interaction with a customer as an opportunity to cross-sell, up-sell and acquire new business,” said Fred Ulrich, account supervisor at Media Logic. “Frontline employees offer prime marketing opportunities and should be viewed as an essential part of your marketing plan.”
For info: www.mlinc.com/employees
Celent: BECU Is A ‘Prime Example’ Others Can Follow
BOSTON–Seattle-based BECU, formally known as Boeing Employees Credit Union, was declared a “prime example of a financial institution that has successfully deployed a new lending system as part of a larger technology project” in a study of retail loan origination.
According to Celent, a financial research and consulting firm based here, successful financial institutions will embrace automation and loan origination systems to make faster and more consistent decisions, lower costs, increase productivity, automate processes, reduce errors, and enhance service. The company said BECU has positioned itself for growth on both the deposit and lending side.
The study compared two financial institutions that have invested in retail lending automation, BECU and Bremer bank.
Celent said the real estate sector of U.S. consumer lending, which includes home equity lines of credit, had been growing since 2002 at over 11% to $10.1 trillion of outstanding debt as of Q2 2007. This growth has slowed considerably to a 4% growth rate from Q4 2006 to Q2 2007. Other consumer debt is at $2.4 trillion and growing at a rate of 4%.
For info: www.celent.com
What Bank Customers Want: A Little Respect
SOUTH JORDAN, Utah–In its first national survey of consumer attitudes toward banks, Allegiance, a provider of enterprise feedback management (EFM) solutions, found bank customers want more respect from their financial institutions.
The company said its Allegiance Pulse of America–Retail Banking, will be a monthly survey of consumers that will take the pulse of the retail banking experience in terms of engagement and its drivers, including customer emotions and intentions.
The initial survey found a correlation between a customer’s emotional engagement and a bank relationship that makes them feel respected is a positive 32%, which Allegiance said is significant.
Only 10% of banking customers surveyed reported neutrality or worse when considering whether they will discontinue their relationship with their bank within a year.
At the same time, only 26% of banking customers think their bank’s services are the best compared with others.
Allegiance said these results suggest that, although banking customers are exceptionally loyal, they keep abreast of what other banks are doing.
Retail Check Conversion Still Tops Back Office Option
BOSTON–A survey of more than 300 retail treasury staff conducted by Celent found interest in retail check conversion.
The financial research and consulting firm, based here, said this interest was “surprising,” given a seven-year history of lackluster transaction volume for POP check conversion. Celent noted NACHA introduced back office conversion (BOC) in March 2007.
Among the findings of the study, titled “Back Office Conversion: Too Little Too Late?”:
* Awareness of BOC solutions had risen to 45% of surveyed retailers through July, just four months since its launch, compared to 75% awareness of POP after seven years.
* Sixty-seven percent of retail treasury staff surveyed who were aware of BOC expressed interest in it, compared to 60% for POP.
* Only 6% of retailers report evaluating the business case for retail check conversion, and virtually all are doing so comprehensively, evaluating all eCheck options.
* Celent predicted check usage at point of sale will continue to decline, reaching just 4% of POS transactions in 2010. The company said POP, which benefits from a seven-year head start on BOC, will maintain its lead.
By 2010, Celent said POP will account for three-quarters of retail eCheck volume.
For info: www.celent.com.
