Switch Kit – Bank Retail Manager Conversation

The following is part of a hypothetical conversation with the Retail Accounts Manager at ‘First State Bank’ about how Matraex’s Auto Switch Kit meets an important business need.   The Auto Switch Kit is an online three to five minutes form wizard to print automatic payment transfer forms as new accounts signup to your bank, increasing bank revenue and saving accounts which stop at the minimum.

Our dialog starts just a few minutes into the conversation….

Michael: Auto Switch Kit Product Advocate
Rene: The Retail Accounts Manager at First New State Bank.

Michael: How long does it take for your new retail Customers to fill out the forms necessary to switch their automatic payments to your bank?

Rene: Actually,  it is much better than it used to be, we provide them with our First New State Switch Kit,  and customers simply have to fill it out for each account they want to switch over.  Customers don’t have to make phone calls or search multiple websites for the forms to send to their power, gas and other companies.

Michael:  Then, customers are pretty fast at sending those forms in and transferring their automatic payments over to your bank?

ReneSome are,  but sometimes it takes a while for them to search out all of the companies and call them to find out where to send them.  Actually, some customers never complete their plan to transfer direct deposits and automatic payments.

Michael:  Do you bank every evaluate the value of transaction fees or other revenue lost as a result of a slow or aborted switch to your bank?

Rene: No,   but we do know that a customer that completes the switch immediately is worth more than one that takes weeks or months.   Customers that abort the switch actually cost the bank a little bit of money.   There is also the cost of making followup phone calls to encourage them to complete the transfer.   Our accounts have very attractive benefits,  but customers some the process can be so intimidating that some give up,   we don’t have any idea how many new customers we could get if auto payment  by the process that they leave their new account with the minimum balance and return to their previous bank.

MichaelWhat if I told you that the Auto Switch Kit would take 2 to 5 additional minutes of your New Account Rep’s time, and they could deliver every one of the forms, filled out and ready for customer signature?  The bank could even mail them to help ensure that the automatic transfers happened.

Rene: I am skeptical.  Some customers have more than a dozen different accounts.  Wouldn’t our Representative have to fill out each form?  It probably takes our customers hours to find all of the information and fill it all out.

Michael: That is certainly one of the reasons we created the Auto Switch Kit. After new customers leave your branch with an account, they still have lots of work to do before they truly become your customer.  Matraex’s Auto Switch Kit team preloads each local company so your Rep simply select each one as the customer says they have auto pay with them.

Rene: Is that when they fill out each individual form?  Doesn’t that take just as long?

Michael: Ah!  This is when the magic happens.   A single form prompts for the customer’s information, their account number with First New State Bank  And each of the local company account numbers.  Your rep already has this information so selecting the check boxes and quickly filling out each of the fields only takes a minute or two.     They click to create the Switch Kit and each company forms is printed and ready for customer signature.   Less than 5 extra minutes and your new customer has sign-able forms ready to send to each company that will switch their accounts.

Rene: That sounds great but I still have a some of questions. How did my Representative get all of the Customer’s account numbers for their Utilities?

Michael: That is something that Reps will get better at with a little practice,  they can give the Customer a paper with list of companies to research their account number on their phone while the Rep is filling out other forms.  Many Customers don’t have smart phones so if they talked to the Rep before coming to the branch,  they could have asked the Customer to bring a bill from each of the companies.

ReneWithout a quick tool to automatically fill out those forms, we never could take the time to fill out these forms,  so we didnt have the Customer bring those with them,  with this we could have their account almost completely filled out. But what about the new accounts that simply don’t know their account numbers,   if they leave without finishing those forms wouldn’t they still be in the same situation as before the Auto Switch Kit?

Michael:  We suggest two possible methods,   one method is to give them the fully filled out form.  The company’s address is already on it,  all they have to do is fill in the account number for that company and mail it off.  This is much easier than having a customer start with a blank form they have to fill out 10 times for different companies.  The second method is to print the form,   ask for the customer’s signature and put the form in a customer file.   Then set a time the Rep can call the Customer  when they are home with their paper work to collect those final numbers.  Then you mail the forms to the company.

Rene:  Hmm,   that way we could take an active role in completing the New Account transfer.   In our current method we are calling all clients after a week or two in order to find out if they have switched,   with this new method some Customers would have the entire transfer paperwork before they leave the branch and others would have it 90% filled out before they leave the branch.  Sign us up!

MichaelHold on,  I am just an Auto Switch Kit Product Advocate,   use the form below to get in touch with an actual Auto Switch Kit Team Member from Matraex.

Rene: Great!  I will do that right now.

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