Monetizing Accesses

Monetizing Accesses

Justin signs in to his financial institution’s website. He’s signing in to look at his balance. He notices that another automatic debit hit his account and he’s going to get another NSF. Jeremy has had a couple of unexpected bills that have cleaned out his ‘safety net’ and without the extra cash he is over extended and is lacking adequate cashflow to get by. Disaster is looming on the horizon. He feels isolated and without hope and like many people wants to figure out an answer, without telling anyone he’s in trouble. He notices a new feature on the website, it mentions lifecycle financial analysis. He decides to click on the button and accesses the new feature. Responding to a few questions, Jeremy defines his problem as cashflow. Through further interaction he has identified a couple of loans and credit cards that are draining his cashflow. The application identifies a couple of possible solutions that may be helpful to him, a refinance or loan consolidation. Both solutions have terms that fit Justin’s requirement, improved cashflow. After reading through the terms, Justin selects the consolidation loan. Upon his selection the loan is finalized. How? Because Justin’s financial institution is utilizing the RiskCALM₄ solution, which allowed Justin to analyze his financial problem, receive answers that he qualified for, and process the solution immediately. Since, at the same time the solution could; identify his credit worthiness, automatically calculate his probability of default and the added impact to the ECL on the consolidation loan and also re-visit the AML-CFT regulation, relative to Justin, assuring compliance to the AML risk-based program, of the financial institution.

Conclusion

The financial institution was able to monetize Justin’s access to its website by engaging him through a digital touchpoint, capturing data, analyzing data and applying potential answers.

With the continuing growth of online traffic, financial institutions need new methods of online engagement. Each access is an opportunity to expand the relationship with the customer. The goal of the financial institution may be to sell but it is accomplished by the understanding and assisting of the customer. On the internet, it’s important to understand that people are looking for tools to help themselves. Recommending or encouraging solutions through digital touchpoints is knowing your customer and understanding and assisting with their financial needs or buying efforts.

Assisting buying cycles or financial resolutions for your customers will gain multiple sales over time, while using the selling mentality may get you one sale, or none. RiskCALM₄’s digital touchpoints are geared to help the customer and in doing so invoke a desire to turn to the financial institution for assistance.

Accesses to a financial institution’s website, as shown, can be very rewarding, to both the customer and the financial institution. Obviously, the more accesses the more benefits. How can accesses be increased? Having digital touchpoint solutions for individual customers who access the website is one step in monetizing accesses but creating those accesses is vital. Please read our emails discussing Buying Cycles and Monetizing Assets. RiskCALM₄ Solution, all this and more!

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