Portrait Software releases new CRM product

Source: Portrait Software

Portrait Software, a leader in Customer Interaction Optimisation, has launched Portrait Onboarding, a solution that drives differentiated processes for building profitable customer relationships in the first 90 days of taking up a new product or service in order to increase the lifetime value of a customer.

Financial institutions are moving away from a "volume at all cost" approach, and instead are focussing on long term customer satisfaction as well as profitability. The best time to do this is early on in the relationship when customers are most receptive and open to change. Additionally, this provides an opportunity to recoup acquisition costs early.

Aimed primarily at financial services and integrating with existing systems; Portrait Onboarding combines predictive analytics and process management with a powerful interaction engine into a Customer Onboarding Suite that adds a new dimension to any customer engagement.

According to Nick Randall, Portrait Software's CEO, the first few weeks are the critical time in building a customer's lifetime value. "Most financial products are commodities, meaning there are lots of alternatives out there," he said. "Banks and other financial service providers tell us explicitly that the customer's experience in the first three months of a relationship really is key, that's when the decide to stick or shift."

"We now all have enough experience as consumers to know that if a service provider doesn't provide exactly what we want in the way we want it, then the penalties of changing to a new supplier are insignificant. Once a decision to stay has been made, customers tend to be committed over the long-term, particularly in financial services. Moreover, they frequently act as powerful advocates. Getting that first 90 days right is the difference between long-term profitable business and failing to get a return on customer acquisition costs."

Key benefits

Portrait Onboarding is designed to:
  • Identify the right treatment for every new customer
  • Ensure great customer experiences across all channels from Day One to create brand advocates and brand promoters
  • Make the best offers to each customer, for maximum profit uplift and customer satisfaction
  • Measure the impact of treatment strategies in real time for continuous improvement
  • Enable Treat Customers Fairly principles

Key product components

Portrait Onboarding Suite includes:
  • A Process Manager which is a point and click configuration environment to build and prioritise rules, processes, communications, offers and workflow for each customer, each customer segment, each channel and campaign.
  • An Analytics Centre that automatically segments new customers and assigns propensity scores.
  • A Rules Engine that executes chosen marketing treatments in real time, generating Best Next Action and capturing interaction outcomes.
  • A Business Console, a management reporting centre that lets you continually evaluate the success of onboarding strategies, campaigns and test cells.
  • Integrates with existing CRM - Portrait Onboarding is modular allowing financial institutions to extend and evolve their existing CRM systems. With the ability to deliver single view of the customer across all channels; it fits with best-of-breed analytics systems, agent desktop environment, campaign management and process management systems.

"Portrait Onboarding helps financial services companies deliver great customer experiences from Day One," said Randall. "However you choose to deploy it, Portrait Onboarding releases the untapped potential that's currently locked inside your data and existing applications: the potential to delight customers in the critical first 90 days and to do it cost-effectively and with an eye on profit."

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