Financial technology services provider Yodlee introduced a new application today, Yodlee CrossSell, to help banks increase revenues by building on online customer relationships. The application helps banks make relevant product and service offers to each customer based on transactional and account data, and an interview.
The application also analyzes account data from multiple banks to help financial services providers glean new insight on their customers' needs.
"Yodlee CrossSell uses our data and security platform to solve a key problem for financial institutions: how to leverage data to offer more personalized and relevant products online," Joe Polverani, Yodlee's chief strategy and development officer, said in a statement. "By combining big data analytics with a simp situational interview in-session or at log out, Yodlee CrossSell delivers more warm leas to financial institutions to drive revenue faster."
CrossSell allows marketers to pick target audiences, for instance, "people with credit cards held by another financial institution with an APR greater than 19.8 percent, who have paid more than $75 in fees" to interview online.
The interview, according to Yodlee, takes less than 30 seconds and will ask the customer something like " We think we can help you lower your credit card interest payments, would you be interested in that? Yes or No." The application then helps deliver a personalized product or service offer for the customer. The average acceptance rate of such offer is 40 percent, says Yodlee, who cites Forrester Research as noting that "customers have, on average, only 30 percent of [financial] products with a single provider." This, Yodlee says, offers banks a big opportunity in deepening their customer relationships with personalized offers.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio