Kelty Wallace

Just as Amazon uses all of my interactions to make the most personalized offer, banks can do the same thing. By incorporating and connecting as many channels and lines of business as possible, banks can gain a plethora of information. Especially when products or services are offered that are used extensively on an individual basis, like personal financial management tools, banks have the opportunity to gain additional insight into the goals and behaviors of their consumers.

Banks continually try to increase their wallet share with consumers. One way they do this is making offers to customers at the point of interaction when the customer has already chosen to interact with the bank. By amalgamating data from various sources, banks can gain a holistic view of the customer and analyze the information to determine what the most appropriate, relevant offer for that consumer would be.

Application service providers (ASPs) can be used in many of the steps of the banking process. They can be used in every process from prescreening customers for products to collecting on bad accounts. Best-in-class ASP environments are not only able to be used in various steps, but are also able to integrate with existing systems, so only the inefficient steps are replaced.

Instant prescreen offers many benefits for consumers including: more personalization of product offers, deeper relationships with their bank, and instant results regarding credit product offer acceptance. Instant prescreen also offers benefits for financial institutions (FIs) including: deeper wallet share, greater customer loyalty, and greater customer satisfaction.

Instant prescreen has many benefits for banks including increased account opening, greater wallet share, and higher customer satisfaction. However, it also provides benefits for consumers including: more personalization of offers, deeper relationships with their bank, and potentially better rates and terms for credit products.

Loan origination solutions (LOS) inherently face challenges before, during, and after implementation. Challenges include gathering data, incorporating manual and automated processes and frequently updating business logic. These challenges are especially difficult in an in-house LOS because the bank is starting from the ground up. An effective way to lighten the burden of implementing an LOS is through the use of an application service provider (ASP).

Banks often face the dilemma of acquiring new customers and opening more accounts with their existing customers. Through targeted and sophisticated methods, banks can increase their overall number of accounts opened with both segments. By utilizing robust prescreen, cross-sell, and business process management (BPM) tools, banks gain the ability to reach more customers effectively.

Many times in large financial institutions (FIs), each line of business (LOB) functions independently from the others. At some FIs, each LOB has their own origination system, creating redundant processes, decreasing efficiency, and making enterprise communication difficult. What if banks could simplify these processes by using the same origination system for multiple LOBs?

"Work it, make it, do it, makes us, harder, better, faster, stronger." There you have it--words of banking technology wisdom from the French techno duo, Daft Punk. Through application service provider (ASP) models, banks can not only implement the technology they need to stay competitive, but they can implement this high-quality technology faster.

Financial institutions will be able to increase customer account opening by paying close attention to the details and the small actions that many institutions neglect. By focusing on customer service and providing a flawless customer experience, banks provide customers with a convenient, hassle-free experience. By creating these experiences, banks enhance relationships with customers and it is easier to increase wallet share.