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ActionWorks® Solutions for Financial Services

High Value Customer Care and Retention

For financial services firms, customer care and retention processes are even more vital in the present economic environment where customers willingly switch among providers for a better rate or easier access to services. Technology innovations have reduced the barriers to entry for financial services offerings, resulting in a flood of non-traditional competitors slowly eating away at the market share of existing firms. More competitors means pricing pressure on product and service offerings, which has a detrimental effect on customer loyalty and barriers to switching—making customer care and retention a priority concern.

Making standard offers in financial services only requires integrating your customer data systems. This way all customer service agents are aware of the list of products a customer uses, and up-selling and cross-selling become much easier. But what about your high value customers who are not satisfied with standard offers? What about those high net worth customers who, in addition to a checking account, require professional wealth management to preserve and increase their assets? For these clients, customer care and retention is not about a 1-800 number, it's about your institution's ability to consistently deliver personalized goods and services—when customers want them, and how they want them. These customers perceive the value of these custom services in an entirely different way and, if managed properly, institutions can effectively improve their spreads with these customers while increasing customer loyalty and raising switching costs.?

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High Value Customer Care and Retention with ActionWorks offers a complete solution for enhancing your client relationships through ensuring that you meet the needs of your most valuable customers. A tradition of personalized service has meant these relationships were handled through phone conversations, by fax, in person, and more recently with email and over the internet. But what is the effect on your organization when one of these requests gets lost in the shuffle? Or when your relationship managers spend 60% of their time following up on these requests, instead of interacting with current and new customers? ActionWorks allows your team to accept, manage, and monitor all of these requests with speed and accuracy, making sure nothing slips through the cracks. All the while, customers can track the status of their requests or receive notifications in real-time.

Using ServiceNet, built with ActionWorks, Credit Suisse Private Bank has been able to reduce the time relationship managers spend on administration, allowing them to handle more clients more effectively, raising productivity by over 30% .

In the same way that no financial institution can claim to offer expertise in all areas, neither can a representative of the firm. Having the resources and information a click away for your financial services professionals to locate expertise, products, or services, either internally or through third-party relationships, is a critical component to responding quickly to custom requests. ActionWorks enables your professionals to search for and request the internal or external skills and expertise required to service a customer. Additionally, our system leverages your current IT investments by easily integrating with existing legacy systems so your financial services professionals have all the information they need, at the moment they need it, to make a decision and service customers.


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ActionWorks, the Action Technologies business process analysis and redesign methodology, and the Business Interaction Model are protected under US Patents 6,073,109; 6,058,413; 5,734,837; 5,630,069; and 5,208,748