SwiftKnowledge, a global provider of web-based business intelligence (BI) software, has unveiled SwiftKnowledge Customer Product Retention (SCPR), a new SwiftKnowledge for Banking BI application.
SCPR helps bank branch managers and marketing teams to analyze customer acquisition and retention data over time in order to identify trends related to specific campaigns, demographics or geographies. With this information, they are better positioned to design and implement strategic marketing programs aimed at proactively retaining current customers and growing current accounts.
The pre-configured application analyzes various banking account data points, including open and close dates for specific products owned by a banking customer, in order to spot trends or inflection points regarding attributes such as product “stickiness.” This insight allows banks to strengthen their relationships with existing customers.
The application integrates with core banking data and data stored in ancillary systems, such as trust systems or marketing campaign management systems, to give banks a complete, intuitive view of critical business information. The 100% web-based SwiftKnowledge technology deploys quickly and is specifically designed for high-volume use by non-technical business users, as determined by the bank’s information access policies.
Daniel Moloney, president of SwiftKnowledge, said: “A recent study by J.D. Power and Associates indicates banks risk losing their most profitable customers because customers with the lowest levels of commitment to their retail banks maintained deposit balances 15% higher than the average.
“Our new SwiftKnowledge for Banking Customer Product Retention application meets this need by enabling bankers to better identify the strongest marketing catalysts for up-selling and satisfying the needs of existing customers, while also helping to identify the best marketing tactics and sequences for new customer recruitment.”
