Yodlee launches cross-sell lead generation API
13 July 2012 | 3332 views | 0
Yodlee today announced the release of Yodlee CrossSell, a lead-generation financial application (FinApp) that helps financial institutions drive revenue by expanding customer relationships online.
Using transactional and account summary data plus a situational interview, Yodlee CrossSell enables financial institutions to offer relevant bank services or product offers to consumers. Account data from multiple institutions is analyzed through Yodlee CrossSell to create a dialogue with consumers, allowing financial providers to gain deeper insights about their customers and generate warm leads.
"Yodlee CrossSell uses our data and security platform to solve a key problem for financial institutions: how to leverage data to offer more personalized and relevant products online," said Joe Polverari, Chief Strategy and Development Officer at Yodlee and Managing Director of Yodlee Interactive. "By combining big data analytics with a simple situational interview in-session or at logout, Yodlee CrossSell delivers more warm leads to financial institutions to drive revenue faster."
Yodlee CrossSell enables a single marketer to select a target audience such as, "all people with a credit card held by another financial institution with an APR greater than 19.8%, who have paid more than $75 in fees," and interview that customer online. The interview typically takes about 28 seconds and may start with a question like, "We think we can lower your credit card interest payments, would that be helpful? Yes or No." The branch and skip logic interview then adjusts back-end content to ultimately deliver a personalized offer, which has an average acceptance rate of 40%.
According to Forrester Research, "Consumers have, on average, 30% of [their financial] products with a single provider," leaving an enormous upside for financial institutions who can successfully deepen customer relationships.
"Yodlee CrossSell does the analytic work with the financial institution's marketing department to conduct thousands of targeted one-on-one interviews daily to better understand and deepen customer relationships, in order for the institution to make the best targeted, relevant convant consumer offers," said Eric Connors, SVP, Products at Yodlee. "Financial institutions know that the shortest path to real profit growth is by expanding existing customer relationships, and that has to happen online where customers are moving. Yodlee CrossSell is the execution engine to enable effective cross-selling online."
Yodlee CrossSell is developed in partnership with Micronotes, and incorporates Micronotes' data mining and interview technology.