Category Archives: Product of the Week
AbsoluteINTERACT: FS Vendors’ Product of the Week
Please give a short bio of your company
Absolute Systems is a niche solution provider to the financial services industry. Our core competencies include the development and management of large scale self service deployments such as:
- corporate cash deposit solutions
- ATM / self service networks
- Teller Cash Recycler networks
- Volume transaction switching
Absolute Systems is a preferred supplier to all major banks in the South African market and we are also a Fiserv reseller in country.
What is your product or service?
Absolute Systems has developed a holistic suite of complementary products designed to enhance the management of cash distribution. Our suite includes:
- AbsoluteINTERACT – a Business Process development toolkit for XFS based devices that controls all device interactions, host comminucations and user interactions.
Why would a bank or credit union use your product/service?
Our hardware agnostic approach allows banks to be flexible in terms of hardware selection without compromising on their software platform. Brand identity is key to all good marketing and ensuring that all devices are running the same software platform enhances the brand awareness of the institution. This, along with the extensive experience our team brings to the table, makes for a compelling and attractive option.
Who is your competition, and what do you do better?
Typically our competitors are the major hardware vendors who are looking to provide a bank with a turnkey solution. Our competitive edge is the fact that we maintain a completely agnostic view on hardware and as such maintain a flexibility that is attractive to banks.
When was the product/service officially launched?
The first installation of INTERACT was in 2002 at ABSA bank in South Africa. This was deployed on a 5000 device network.
Net Promoter: FS Vendors’ Product of the Week
Please give a short bio of your company
Member Loyalty Group is a CUSO (Credit Union Service Organization) and was established in 2008 by six leading credit unions to solve a common credit union problem – measuring, managing and taking action on member feedback. Member Loyalty Group cemented an exclusive partnership with Satmetrix and other industry leaders to deliver world-class tools and create a consistent, trustworthy benchmark using the Net Promoter Score™.
What is your product or service?
Member Loyalty Group provides an organization-wide Net Promoter® Program to credit unions to help them take action based on member feedback and see bottom-line results.
Please give a brief synopsis of the product/service
We don’t just “do NPS”, we make sure your Net Promoter Score is as accurate as your financial statements through trustworthy data collection practices, a deep understanding of loyalty drivers, and an exclusive partnership with Satmetrix.
The questionnaire utilized in our program was developed specifically for credit unions by the co-creators of the Net Promoter Score to help fully understand the multiple drivers of loyalty.
Our unique system for data collection allows us to provide you with detailed, timely , and statistically significant information. We prevent “survey fatique” and other common do-it-yourself errors by leveraging the world-class Satmetrix® NPS platform.
Maintaining a consistent survey methodology across all credit unions results in trustworthy comparisons that provide tremendous insight. At last you can have a reliable loyalty measure & benchmark for your organizational score card.
Why would a bank or credit union use your product/service?
- Tie member feedback directly to bottom line results – through increased operational efficiency, increased product usage, and overall growth
- Hold staff accountable and evaluate performance at the branch and individual level
- Drive major management decisions and align organizational priorities with your most loyal members’ priorities
-Accurately measure & track member loyalty over time
-Convert dissatisfied members into promoters through closed-loop action alert process
-Automate reporting and push alerts to frontline staff so they can act quickly and resolve issues
-Compare your credit union with industry standards and share best practices/success stories with other MLG participants
Our program allows you to consistently create WOW experiences for your members and differentiate your credit union from other financial institutions.
Who is your competition, and what do you do better?
There are many survey companies out there, but the voice of the member program Member Loyalty Group provides is unique. We don’t just measure your member satisfaction or loyalty through a Net Promoter Score, we put tools and processes in place that allow you staff members at all levels to take the actions needed to drive bottom-line results.
What type of help support is offered?
Member Loyalty Group is here to help our participating credit unions every step of the way – from the initial implementation to quarterly benchmarking. We’ll help you get the most from your Net Promoter System.
My Virtual StrongBox: FS Vendors’ Product of the Week
Please give a short bio of your company
A leader in building powerful online connections, DigitalMailer combines technology know-how and online communication tools to create an affordable way for clients to drive profitable growth.
What is your product or service?
My Virtual StrongBox is a secure file storage platform that customers access via online banking or your eStatement delivery system.
Please give a brief synopsis of the product/service
My Virtual StrongBox is a secure way to store data. It ensures total information privacy for users – the rights to all files they store in the system are their own and those files can only be viewed and used by the user.
Users can store electronic copies of important information, like their tax docs, their wills, their mortgage papers, their medical history and much more.
Why would a bank or credit union use your product/service?
This product allows users to store important information in a space that is secure, redundant, and easy to use. In the event of an emergency, critical information might be needed, even though a physical copy might not be easy to obtain. “Cloud” storage solutions can be unreliable and insecure, making no guarantees about the integrity of the data they keep.
My Virtual StrongBox gives users a safe, secure space to keep important info and gives the financial institutions that offer it one more “sticky” product to offer their consumers.
How could you effectively use this product/service?
Users can fill their My Virtual StrongBox with copies of every item in their physical safe deposit box. But that’s not all – users can store photographs of high-value items from around their home, inventories, spreadsheets, PDFs…the list goes on.
Financial institutions can offer a small amount of space to all users for free (the “freemium” model) and give engaged customers and members more storage space with higher-yield accounts. Users can also buy extra space on their own, giving the financial institution a chance at a revenue stream (profits from sales of additional space are split between the provider and the financial institution).
Who is your competition, and what do you do better?
The outside observer might mistake My Virtual StrongBox for a “cloud storage” solution in the style of Dropbox or Google Drive. This solution wasn’t made to create a “shared drive” between computers – it’s a repository for your most important documents.
My Virtual StrongBox was built by a leading provider of online documents and electronic statements in a secure environment. Files are encrypted during upload and can only be accessed, modified, deleted or downloaded by the user.
Are there different pricing levels? Do you offer a free version?
Pricing is based on how much storage you would like to offer your consumers after set-up (that is, how much storage space each user would get to start).
When was the product/service officially launched?
My Virtual StrongBox was launched on April 10, 2012.
What type of help support is offered?
DigitalMailer, creator of My Virtual StrongBox, has been praised by clients for their exceptional service, year after year. Account managers see to the needs of clients all over the country every single day.
What else is interesting about your product/service?
DigitalMailer was selected to present at FinovateFall 2012 and demonstrated My Virtual StrongBox to financial technology’s biggest audience. Ron Daly, DigitalMailer’s President/CEO and Greg Crandell, EVP of Marketing and Business Development, were on the big stage September 13. This was a tremendous honor and our entire organization was thrilled to take part in it.
Banno Websites: FS Vendors’ Product of the Week
Please give a short bio of your company
Banno (formally T8 Webware) provides and powers solutions that help financial institutions harvest behavior-driven banking data to stimulate growth and retain business. Its Banno.com-powered websites, mobile banking, account aggregation and enriched transactions provide segmented customer analysis based on anonymized data that can be used for actionable product offerings.
Banno.com architecture is built with Open APIs to allow simple integration with existing digital channels.
What is your product or service?
Websites: Banno websites feature behavioral-based content delivery which is based on collective and individual click-stream data. This empowers financial institutions with a dynamic personalized marketing system that continually funnels visitors toward conversion. These features are backed by a smart, intuitive content management system (CMS) that allows customized reports, the ability to easily add new pages and maintain compliance throughout any change. Banno’s Web platform is built on the latest Web technologies using responsive design, allowing sites to adapt to any type of device or browser.
Why would a bank or credit union use your product/service?
Banno’s responsive design enables financial institutions to deliver the best user experience and have their site automatically adjust for online, mobile and tablet users. Responsive design offers a single URL that responds to any type of device or browser and its screen size to better prepare financial institutions for mobile-focused services and multichannel banking.
Mobile Internet usage is projected to overtake desktop Internet usage by 2014. With the continually fragmented market of devices equipped with an Internet connection, Banno’s responsive design format meets an industry need for websites to offer comprehensive content and services from a variety of channels without the added burden of managing disparate sites.
How could you effectively use this product/service?
The single URL contained within responsive design allows for simplified updates, approvals and archives; financial institutions can be confident that consumers easily find the information they seek, and that it is consistent regardless of how they search for it. Furthermore, Banno websites now have a live data feed that updates rates based on predetermined formulas, assuring that accurate rates are published across channels instantaneously without the man hours of monitoring and making adjustments previously required.
Who is your competition, and what do you do better?
We are up against the Intuit’s of the world on a daily basis. We believe our web design, paired with our technology expertise, is unbeatable.
Are there different pricing levels? Do you offer a free version?
Request a demo/webinar by visiting:
http://banno.com/services/#web
When was the product/service officially launched?
Since the company’s inception in 2008, Banno has built over 300 financial institution websites. We officially revamped our website offering and over-hauled our CMS last month, July 2012.
What is the number of current users? Estimated yearly growth?
Banno has built over 300 websites for banks and credit unions across the United States.
What else is interesting about your product/service?
Recent launches:
