Suite of New Products Boosts Customer Engagement and Bank Revenue
While Slashing Lengthy IT Integration Time and Cost
CAMBRIDGE, Mass.—March 15, 2016—Micronotes, a cloud-based marketing automation company for financial institutions, today announced a suite of new products that enable bank marketers to effectively cross-sell using artificial intelligence and machine learning. The new products use personalized online interviews to engage and cross-sell financial products to existing customers across digital channels including: online, mobile, mobile-SMS, and social media. Based on production performance, bank marketers are able to boost results from display-based cross-selling campaigns by 50-fold, on average.
Micronotes addresses one of the biggest challenges facing financial institutions—knowing if and when a qualified customer is looking to acquire an additional financial product such as a loan, CD, or money market account. Since it’s 8 to 10 times more costly to acquire new customers, and the average consumer owns seven banking products spread across multiple financial institutions, banks are missing out on a multibillion-dollar cross-sell opportunity. The new Micronotes products address this challenge by applying machine learning to customer data and interview responses. This results in successful cross-selling campaigns while deepening existing customer relationships.
“Every banker knows that customer interviews deliver insight, engagement, and sales that outperform all other marketing efforts, but interviews are time-consuming, expensive, and headed for extinction along with branch traffic,” said Devon Kinkead, found and CEO of Micronotes. “But now, through our suite of new products, financial institutions can automate interviews, drive cross-sales, and boost customer engagement without requiring a lengthy IT integration project or project budget.”
The new products include:
- Micronotes Cross-Sell Basic™: Allows bank marketers to easily and unobtrusively engage qualified customers online at logout using three brief, high-impact interviews. The interviews are based on a Net Promoter Score®, anticipated life events such as the purchase of a new car or home, and security quick facts such as how to stay safe in the face of such threats as phishing attacks, shopping scams, password theft, and ATM bandits.
- Micronotes Cross-Sell Pro™: Engages existing customers when they are banking online. The product is installed on the high-traffic secure-side of online banking where user identification is critical. Pro facilitates personalized, secure, one-on-one online interviews based on user profiles and interview responses and then routes sales leads to the appropriate sales contact. Pro requires a data feed and installation by Micronotes.
- Micronotes Cross-Sell Enterprise™: Provides bank marketers with the ability to engage customers through online banking, mobile banking, text, and social media including Facebook and Twitter. The full cross-channel interview marketing system easily integrates with a bank’s email or CRM systems. Enterprise also requires a data feed and installation.
Across all of its products, Micronotes interviews typically take fewer than 12 seconds to complete and the average fraction of customers engaging in the interview process in any month is 32 percent.
Pricing for all three products is based on the size of the active digital user base, lead-generation and sales performance and starts at $750 per month for customers with fewer than 75,000 active online banking customers, plus lead charges.
Micronotes is a marketing automation company serving retail banking providers. The company’s fast, automated and cloud-based digital interview platform applies machine learning to customer data to improve customer engagement and effectively cross-sell financial products through the digital service channels. A privately held company, Micronotes is based in Cambridge, Mass.
*Net Promoter® and NPS® are registered trademarks of Bain & Company, Satmetrix Systems and Fred Reichheld