Synapse Technology Expands Industry-Leading Event Based Marketing Solution by Adding Consumer Credit Triggers
Wednesday, 06 September 2006
Synapse Technology, a leading provider of event based marketing solutions to the banking industry, announced today it has been working closely with one of the leading U.S. credit data agencies to add consumer credit triggers to its SynapseEBM product suite. Credit triggers are alerts that notify an institution when a customer looks outside the bank for additional lines of credit. Utilizing these triggers can lead to increased customer retention and revenues.
"SynapseEBM already provides many U.S. banks with a powerful engine for discovering potentially meaningful behavior in deposit and loan account products. By adding credit triggers we are expanding the scope and the impact of our solution, enabling our clients to do an even more effective job at retaining and building customer relationships," said Mike Berry, SVP Financial Services, Synapse Technology.
The credit alerts will initially be offered in three categories: Credit Retention Alerts, Credit Cross-Sell Alerts, and Credit Prospect Alerts.
-- Credit Retention Alerts - the bank has a credit/loan relationship with a customer and that customer has indicated an interest in obtaining additional or replacement credit elsewhere
-- Credit Cross-Sell Alerts - the bank has a deposit-only relationship with a customer who has indicated an interest in obtaining credit
-- Credit Prospect Alerts - the bank has no relationship but the potential customer meets certain geographic and other criteria of the bank
The credit alerts will be integrated into the existing SynapseEBM daily process, which analyzes and interprets customer behavior and distributes daily sales alerts to branch and call center associates. "Our user community, which consists of nearly 20,000 branch and call center associates around the country, are already familiar with our Alert Manager interface, through which they receive and work alerts. Now we are giving them another good reason to call and speak with their customers about their specific financial needs at a time when that call is likely to be well received,' Berry added.
SynapseEBM uses long-term transaction behavior and specific account triggers to identify and provide retention and cross-sell opportunities. The system leverages the Synapse Transaction Behavior Marketing methodology to interpret and compare current behavior to that specific customer's historical behavior. By using a series of formal statistical methods, the daily customer specific behavior analysis recognizes significant behavioral changes and instantly identifies new sales and service opportunities. Based on this information, financial institutions can immediately leverage channels such as call center, e-mail, direct mail, relationship banker, and other customer contact points to effectively take advantage of these opportunities.