Equifax Enables Cross-sell During Account Opening Process
We are hearing from a lot of banks about streamlining the process of cross-selling other products and services during the new account opening process. Many bankers understand that consumers are “right-minded” and open to consider offers when they are establishing a new checking account.
Using a prescreen solicitation during the account opening process has multiple benefits. First, offers are only made when the consumer is pre-approved, which helps create a more favorable customer experience. Second, a pre-approved offer helps avoid the scenario created when an invitation to apply leads to a decline, potentially damaging the overall customer relationship. Furthermore, advanced prescreen solutions can create unique offers that are often customized for each consumer and help improve acceptance metrics and overall customer satisfaction.
What is standing in the way of many banks from executing pre-approved offers during the account opening process? Often the answer is integration and access. Banks typically cannot use their traditional decisioning technologies to review a credit report for prescreen purposes.
Fortunately, Equifax may now be able to help in the prescreen cross-sell process during the account opening process by making our product available via existing solutions. Most industry metrics indicate that banks leverage FIS’s Qualifile account opening solution for the large majority of new DDA account opening transactions. Equifax’s prescreen-of-one capabilities are now enabled via FIS’s ProspectChex product, an available add-on to Qualifile. Financial institutions of all sizes can access this cost-effective and fast-to-implement and use prescreen tool that can be seemlessly integrated into their existing account opening processes.
Want to learn more? Send us an e-mail.
This post was contributed by: Lee Grice.
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