NEW YORK, NY -- (Marketwired) -- 09/10/13 -- Finovate Fall 2013 -- Ignite Sales Inc., the leader in banking customer acquisition technology, today announced the first release of a new Branch Profitability Dashboard, a cloud-based analytics solution that gives banks detailed visibility into branch performance. This data can be used to increase branch sales effectiveness and profitability. The new dashboard shows profits based on product eligibility, captured profits, and compares profitability by branch, by product, and by income type. For the first time bank executives have the insight and tools they need to manage branch sales effectiveness and close the gap on untapped profitability.
Banks are facing many challenges managing profitability across their branch network.
•95% of non-interest, fee generating products are opened in the branch. Due to increased regulation, banks have seen a decline in revenue from these products and need to find ways to recoup fee income that was generated prior to regulation. •84% of prospects, both consumer and business, are eligible for bank's most profitable products and on average prospects qualify for 5.5 qualified products. However, the average branch only opens 1.2 products per customer. •Today, product recommendations are made based on the knowledge of individual branch personnel. Banks need to automate sales processes that ensure accurate, complete and consistent product recommendations are made across the branch network. •Banks need to be able to understand eligibility, product recommendations, account openings, and manage the gap to become more profitable.
"The analysis that seems to get the most notice in banks today breaks down the potential and actual profits in terms of interest vs. fee income. What is most powerful is that we can show the comparison between interest and fee income by branch," said Mitchell Orlowsky, CEO at Ignite Sales. "Recouping fee income is such a huge priority right now and today, bank executives have no way of knowing what is recommended in terms of potential fee income or how much fee income is available as compared with interest income."
Delivered as a service, the Branch Profitability Dashboard incorporates information gained from Ignite's Recommendation Guides and Eligibility Analytics platform. The solution matches banking products and services to customer eligibility in real-time at the point-of-sale in all channels. At the core of Ignite's services is Eligibility Analytics. Data is obtained using several unique and patented predictive analytics algorithms gathering input from the user, banking product thresholds, and specialized banking data based on over 3,000,000 data points on actual purchasing behavior of bank customers have been collected during a 10 year period. The Eligibility Analytics is used to match product bundles to the customer using the Recommendation Guides.
About Ignite Sales
Ignite Sales Inc. is changing the way retail banks sell products and service their customers. Ignite's services combines a recommendation platform with powerful analytics that matches products to customer eligibility in real-time at the point-of-sale. American National Bank of Texas (ANBTX), Comerica, Fifth Third Bank, Sovereign/Santander, SunTrust and Rockland Trust are just a few of the retail banks that are using Ignite to increase customer acquisition, increase customer retention and optimize profitability. Ignite Sales is headquartered in Dallas, Texas.
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Red Javelin Communications
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