RiskCALM₄ – The Intersection

RiskCALM₄ – The Intersection

With all the capabilities that RiskCALM₄ offers, integrated risk management, IFRS 9, AML, KYC, CTF, FIU reporting, all risk based and dynamic within the business processes, perhaps the least understood is the revenue producer that RiskCALM₄ is.  Its ability to create and monetize assets and accesses, increasing revenues organically, while also developing new revenue streams is unique.

Revenue

Creating and monetizing assets and accesses is a simple concept; every individual, current customer or prospect is an asset and when you entice them to your institution, you have the opportunity for a  transaction, creating revenue.  When they access your website directly or through a vendor’s website on the buying cycle network, the potential for a transaction exists, depending on your ability to execute transaction marketing, revenues will increase.  Before the internet, transaction marketing was based on personal, firsthand knowledge of the customer’s lifecycle stage or the customer reaching out and asking.

Today with the digital online world, ecommerce is more dynamic, requiring the financial institutions to have a Digital Personality, the ability to engage their customers or prospects digitally.  There are two ways to do so: predictive analytics or creating an online environment that makes it obvious what your customers’ needs are.  Predictive analytics is dependent on the gathering of data, much like the conversations that the branch personnel could have and retain, what is happening in their clients’ life.  Through predictive analytics, you’ll be able to duplicate that process more completely and with more availability.

The other way simulates when the customers or prospects engage by reaching out and asking but with more impactful and wide spreading effect.  As you can see, knowing your customer or affording the customer the platform to digitally engage and ask are both ways that remain necessary, whether in-branch or online.  Both ways have to become a part of your Digital Personality, and both are accomplished and facilitated through creation of buying cycle networks.

Relationship

 With relationship marketing being more difficult online, financial institutions must find new ways to build the trust and loyalty to ensure long term business relationships. More digital touchpoints are a requirement of your Digital Personality, leading to more opportunities and more understanding of their customer’s lifecycle stage.

Financial institutions’ customer relations that build loyalty and trust based on multiple surveys by Accenture and Boston Consulting Group and others seem to focus on services that promote the following characteristics:

• Financial institutions giving back to their community
• Services that make their experience convenient and personal
• Rewards them for being good customers, such as beneficial pricing, etc.

Giving back to the community: 

• Reaching out to your community, giving businesses access to your customer base, loans for their customers

Convenient and Personal Service:

• Easy assessment of best promotional deals
• Easy access to financing
• Easy pre-qualification

Rewarding Good Customers:

• Beneficial pricing
• Promotional rewards

If these characteristics are part of your Digital Personality, you will develop an environment that induces loyalty and trust.

As the author of “More Loyal Customers,” Kevin Stirtz puts it, “Know what your customers want most and what your company does best. Focus on where those two meet.”  RiskCALM₄ is the intersection where what the customer wants most and what you do best meet!

So, what’s the true value of buying cycles to financial institutions?  Quite simply, facilitating customer buying cycles yields better customer relationships and revenues.

RiskCALM Architects of Innovation…Let’s innovate together!