By Richard Whiddon |
How do you bring the Starbucks "touchnology" to your front line delivery channel? |
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So, what is Touchnology? Touchnology term was coined by Starbucks chairman Howard Schultz. For Starbucks, high-touching its business is about empowering and trusting store partners to be real,to be unique, and by all means - to be human. Starbucks does not give partners a detailed script that instructs them what to say and how to act with customers. Developing a loyal customer base at Starbucks is not overly complicated. As Howard Schultz says, it’s nothing more than greeting customers in a friendly manner and making a drink exactly to their desires.
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Starbucks views each customer interaction as a high-touch experience. From the way customers are greeted by a barista to the way their hand-crafted espresso beverage is ordered, prepared, and enjoyed, each customer's experience at Starbucks is individually customer-ized through high-touch means
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Seriously, that's the blueprint for how Starbucks has cultivated a fanatically loyal customer base where 20% of its customers visit more than 8 times per month and 80% of all their coffee purchases are made at Starbucks.
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Touchnology in action at your branch
Delivering great customer experiences through touchology requires institutions trust its front line representatives to be themselves when connecting on a personal level with customers. However, as we have surveyed front line reps, they desire better technology tools to move to the Touchnology process so they can develop warm personalable relationships. One of the challenges is streamlining the account opening workflow so the branch front line rep is driving relationships, asking better questions, which is available today from uMonitor's Account Application solution.
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Benefits at a Glance for Your Consumers:
Existing customers get express service
Existing customers get personalized service
New customer has unique Touchnology experience at your institution vs. the other institution
Customers are made aware of all products and eServices
Customer know the easy steps to switch Direct Deposit account
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Benefits at a Glance for Your Front Line Representatives:
Spends less time processing applications
Spends more time developing relationship with new customers
Specializes in personalized treatment with existing customer
No more processing after the customer leaves - experience is real time
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Benefits to Your Back Office
Cut out huge processing cost for application file management
Cut out huge storage cost with application filing
Clear Reporting and Results like product campaigns and branch performance
Ability to reopen an application for second chance review
Audit Compliance Tracking automated
Better application storage
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Workflow Automation meets Touchnology
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Integration: Automation of the following backend processes with the new account opening service results in better member experience:
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Eligibility verification
ID verification - Positive ID cross check with OFAC, Patriot ACT Compliance, Debit Fraud
ID authentication - Consumer proves ownership of their personal ID
Risk management - Better Credit Risk alignment with each customer
Disclosures dynamic to consumers application
Cross sell tied to consumer loan products, deposit products, eServices and direct deposit switch
Consumer loan products - real-time decisioning on all the products you offer
Account record and Account number setup in core system real-time
Funding options include ACH, credit card, existing customer account or cash
Switch process at the end of the application process to convert customer's direct deposit and/or close the other financial account relationship.
Electronic Signature Pad to eliminate paper filing
Optical imaging to scan in customer's driver license or passport ID
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Are you ready to adopt Touchnology for your front line to improve customer relationships and better account acquisitions?
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Sign up for a free consultation of your current account opening workflow and view our Branch and Online New Account and Fund demo and you will be entered into our $10 Starbucks gift card give away. There will be 50 individuals awarded the Starbucks gift card. Drawing will be complete on September 29, 2006.
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