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.

[contact-form-7 id=”9556″ title=”Auto Switch Kit – Full Contact Form”]

 

Integrate local company forms into your bank’s Switch Kit

A bank’s switch kit attempts to make it easy for a new bank customer to switch all of their automated payments from their previous bank account to their new bank account.

It is most convenient for a customer, when a local company, like the local power utility has a simple form that they can fill out to update the company on which bank account to draw automatic payments from.

Local Company Forms

The larger utilities have these forms available and many bank ‘New Account’ departments have those forms on hand to give to new customers. However, this is still a paper-based solution. In today’s digital processing world, more and more financial institutions provide a digital Switch Kit document to the client to fill out. Most of the time these are in PDF form and are downloadable from the bank website.

So, how does a bank get a copy of the most popular local utilities and company account change paper work to be part of their Switch Kit? Well, most of the time they dont. The complexities of managing a third party document, making sure it is the correct version and getting approval to host the document on bank servers prevents this. Even creating a link from the bank website to another site to download the document from the local power company is impossible.

Generic PDF Switch Forms

For these reasons, banks typically just create generic digital PDF forms that a consumer can fill out, with the local company’s information, and then send in. These generic forms create much difficulty and confusion for the consumer (see How does a Switch Kit differentiate your bank from others?). They require the consumer to research company addresses, contact information and submission procedures.

Auto Switch Kit

Enter the Auto Switch Kit, a web application dedicated to your bank. This secure website has a preloaded list of the most common local companies. We set up each of these forms to integrate, which makes it so that the customer’s information only needs to be entered once and then when saving, the information is merged into each of the PDF forms, whether it is only one or fifteen.

If you need a Generic Form in your Auto Switch Kit, no problem it will be filled out with all of the consumer’s information and merged, so that they only have to fill out the information specific to the local company they want to switch to.

 

 

 

What is a Bank Switch Kit

What is a Bank Switch Kit?

A Bank Switch Kit is a tool usually focused on automatic payments and direct deposits which help customers switch their account one bank account to another.

How does a Switch Kit differentiate your bank from others?

By shortening the time required to switch automated payment.

The Auto Switch Kit product helps the consumer fill out many forms in a matter of 2 to 5 minutes. Where it could have taken 10 to 30 using other methods.

Generic Method
Most Bank Account Switch Kit forms come with a couple of generic forms
A Direct Deposit Switch form that you would give to your current employer
An Automatic Payments form, which you can fill out to each of your utility vendors
The purpose of these forms is to be generic, in order to allow the consumer to fill out one form for each group that interacts with their bank, filling out the same information MANY times.
What is a Bank Switch Kit

The process of switching typically goes like this:

  1. User fills out their name, new bank account information and their employer information on a direct deposit change form.
  2. User fills out their name, new bank account information, power company name, address account number.
  3. User fills out their name, new bank account information, cable company name, address account number.
    This form has to be filled out 5 to 10 times.

Auto Switch Kit
Our Auto Switch Kit takes a different approach to minimize the amount of work that the Bank Customer has to do in order to switch their account (making it easier for them to switch to your Bank)
User selects checkboxes from a preset list of local Vendor companies
User fills their name, new account, and local Vendor account numbers on a single form.
System displays all local company forms, filled out and ready for printing.

What is a Bank Switch Kit
Hybrid
Some banks use a hybrid model, where they keep forms for the local companies on hand and provide the consumer with a copy they can fill out. This method does save the consumer the time of having to research where to send the form when they are done, However they still have to fill out every single form.This simple process by our Auto Switch Kit is better that than the generic, one form fits all method:

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Generic Auto Switch Kit
How many forms have to be filled out Filling out multiple forms with the same information, one form for every vendor Fill out all information at once
Easy to select and remember Must remember which companies, and then type out the names of each of them. Prompts for the most common local companies such as power and cable and other utilities.
Faster, more accurate information ou must fill out the company’s address information which likely involves researching the correct address and mailing procedure on it. Uses the local company’s local form which has the logo, address information and mailing procedure on it.

See for yourself how this tool can help you.

Request a demo

[contact-form-7 id=”9161″ title=”PDF Switch Kit Demo”]

PDF Form Import Tool For Financial Professionals

PDF Form Import Tool For Financial Professionals

The PDF Switchkit is a PDF Form Import Tool For Financial Advisors. The financial industry is tough. Everyone wants a piece of the client’s wallet, and the more you have, the better and more profitable the relationship can be. If you are a bank teller, personal banker, even a mortgage officer or financial adviser, you are tasked with gaining more share of the wallet.What are some of the objections you have heard from your potential customers or clients when it comes to converting them to a quality customer? There are a lot of them, but in the financial industry in particular, one of the top objections for not moving business to your branch…

“I don’t want to have to change account numbers”.

It’s understandable, this is no easy feat. In today’s digital world we tend to set it and forget it when it comes to paying your bills. Just provide the phone company with your account number, routing number and a signature and you’re set. Each month the phone company happily goes in a takes what you owe on your bill and you never have to think about it.

Convenience is king in today’s world — if you want business,  you have to be easy to work with and you have to be convenient.
When you have a special product or service that is hard to find elsewhere and provides a quick and easy way to do business, then you get an edge on your competition.

So let’s say you are the financial institution’s front line, a teller at a local branch.
The banking industry can be rough. Executive leaders push for more clients to come through the doors and ask for branch personnel to get more products in every
wallet through cross-selling or promotions geared at increasing the customer base. As the front line, you have to listen for the verbal clues from customers that indicate a financial or personal need that you as a bank or credit union can fulfill.

PDF Form Import Tool For Financial Professionals

Even the smallest comment can indicate an opportunity.

 

“I would just deposit this check at my bank, but it is drawn on your bank and you are closer. “

Typically, the conversation goes somewhat like this:

“Have you ever thought about doing your banking with us? “.

And here it comes…wait for it…

“I would love to do my banking here, but all of my automatic payments come from my current bank account. I don’t want to have to change all of that. “

What if the conversation didn’t have to end there? … What if your company had a solution for this? … What if the teller could offer a response like,

“I have a kit that can help you with that. I have all of the forms you need to make the switch.
What kind of automatic payments do you currently have coming from your other bank’s account. “

 


Now… they can

 

PDF Switch Kit


PDF Form Import Tool For Financial Professionals
Features
Benefits
Professional Management of PDF forms for switching business to your company Convenience of having all of the required forms available to the customer
Complete form once and fill in many PDFs with the click of a button Save time by quickly inputting your customer’s information – only once for all forms.
Offer a service which is unique in the industry – set your company apart Increase credibility and gain recognition for having cutting edge technology available to your customers
Convert your potential clients more easily and for less cost. Save money by converting a potential customer to a raving customer. Overcome the number one objection to doing business with you

 


PDF Form Import Tool For Financial Professionals

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