Dallas, TX, July 2018 - Ser Technology (Ser Tech) and Lanvera announced a strategic partnership that will combine service offerings in a single package for financial institutions. Banks and Credit Unions will now be able to integrate Ser Tech Flitter and Fetch content into any document delivered by Lanvera. This partnership means that more consumers now have easy access to current FICO® scores, financial education and targeted pre-approved loan offers based on analysis of an individual’s credit file.
Flitter is a platform that delivers FICO® Scores and credit education to consumers in multiple delivery channels, such as online banking, mobile banking, and statements. Ser Tech works closely with the financial institution and FICO to support and certify compliance with the FICO® Score Open Access program. The Fetch Marketing platform analyzes consumer credit history to target pre-approved credit offers to a financial institution’s customers. Coupled with Lanvera’s delivery of business-critical documents, the partnership will increase visibility and read rates by incorporating FICO® Scores and pre-approved loan offers directly into consumer monthly statements, letters and notices.
“We have a unique opportunity to provide data driven credit tools to clients, driving education and convenience. Our partnership with Lanvera allows us to reach a broader audience and increase offer views, all while delivering via a brand the consumer knows.” said Shana Richardson, Ser Technology Corporation CEO.
Consumers demand real information to make financial decisions. By providing the authentic FICO® scores (used in determining loan terms) and pre-approved offers on their bank statements and other documents, financial institutions benefit from increased brand familiarity, loyalty and action. Consumers benefit from access to critical credit information and immediate access to capital.
Michael Scheevel, VP of Sales and Marketing at Lanvera was quoted “we feel this partnership is a really positive step in increasing our offering solutions that strengthen our clients’ relationships with their customers.”
Lanvera is a leading national outsource provider specializing in technology that drives customer communications in both electronic and print formats. Focusing on a digital document strategy, Lanvera’s software solutions allow clients to improve customer experiences, drive electronic communications and enable effective targeted marketing.
About Ser Technology
Ser Technology Corporation (Ser Tech) is a financial technology services company that leverages credit data to help clients target consumers to generate new loans, provide actual FICO® Scores and credit education for consumers, and identify, measure and manage portfolio risk and opportunity through comprehensive loan management. Ser Tech is headquartered in Dallas, serving more than 3,000 credit unions since 1994.
Member data security is one of the most important elements of your business. It keeps your business compliant, and it allows your members to trust you with some of their most confidential information. So how can you be sure that your company, or the company you trust to manage your member's documents, provides adequate data security?
Here’s a brief rundown of the 4 primary elements that any business responsible for keeping data secure should provide:
1. SECURE FACILITY
Any Credit Union that houses member information must undergo audits to ensure information is kept secure. These third party audits are necessary to ensure that there are stringent controls in place to guarantee the security of your data and documents. Additionally, you must have facility-wide physical-security measures in place, including employee access cards, door alarms and internal and external security cameras.
2. DOCUMENT INTEGRITY
Your software and processes must be designed to allow for 100% document integrity. The utilization of intelligent barcodes ensures that each page is matched and envelope contents are correct, and can embed logic for intelligent insertion and special handling.
Output envelope scanning guarantees that every single document that hits the mail stream, provides an archive for audit purposes, and guarantees all envelopes are tracked so that no run is released without 100% verification.
All document privacy laws must continually be met. This includes the Gramm-Leach-Bliley Act, HIPAA and FACTA. Additionally, it’s important that the document management platform accommodate easy change management so that as regulations and requirements are updated, documents can remain compliant.
4. BUSINESS CONTINUITY
In the event of a natural disaster or unexpected power outage, data must be accessible from a secure remote back up facility to enable business processes to continue. Data must be comprehensively backed up at a secure location that features total redundancy of all online systems, databases, communications, power, form inventories and print and mail facilities.
The benefits of using personalized marketing in your customer’s print documents are huge. It offsets production costs, increases value in targeted marketing messages, and creates a better customer experience by delivering content unique to an individual’s specific needs… all at no additional cost to you, as your customer documents are already being delivered.
Did you know that electronic documents offer more significant marketing capabilities than print because they provide added interactivity and instant access? You can make the most of your electronic documents by using them to enhance your marketing and yield bigger benefits than print alone.
Supplement your print document marketing by utilizing the following 3 electronic marketing opportunities:
1. PUSH MARKETING TECHNOLOGY -
Present a marketing page to customers as they sign on to access their home banking account. This can include marketing promotions, inserts or any document you want to ensure the account holder views as they sign in, allowing you to ensure your messages are being seen!
2. DIGITAL ONSERTS -
Utilize workflows and business rules to segment your electronic customers and target groups with particular offers that will be most beneficial to the individual. Digital onserts are clickable, which provides instant access to promotions for the customer, and a faster way to drive customer behavior for your business.
3. MULTICHANNEL EXPANDED HYPERLINKS -
Include links to webpages and offers from directly within eDocuments, and route them to any device: desktop, mobile phone or tablet. The interactive links provide your electronic customers easy and instant access to the promotional content in the messages.
The benefits of personalized marketing in electronic documents are enormous to both customers, and your business. Maximize the capabilities of your document marketing on your electronic platform and you’ll start seeing a significantly improved ROI and higher e-Adoption rates.
Download our document marketing guide today for a more comprehensive view of how you can maximize the potential of your customer documents by turning them into free and personalized marketing.
According to “Understanding Customers” by Ruby Newell-Legner, it can cost approximately 6 times more to attract a new member than to keep an existing one. Furthermore, Bain & Company reports that a 5% increase in member retention can increase profits up to 125%. These numbers alone reveal the necessity of a strong member retention program. Focusing on member retention will provide you with the engagement rates you desire, as well as a more favorable bottom line. Here are some tips to help you get started on increasing member engagement through cross-selling and upselling:
1. Utilize dynamic messaging to align communications with each member’s behaviors, needs and wants.
Dynamic messaging allows you to present strategic, real-time messages to specific target groups within your member base. From there, member-facing marketing space on digital and print statements, letters, notices, etc. is optimized to target account holders with products and services that best fit their needs. There are many ways to incorporate dynamic communications on specific customer criteria, including account balance, zip code, gender, or marital status, to name a few. You don’t have to reinvent the wheel in compiling data because you already have it, so why not not use it to increase member retention rates and your bottom line?
2. Paint a picture that emphasizes benefits rather than features.
Consider this: You are planning a trip to a tropical destination and looking for airline travel. Would you rather see messaging about the seat you will be sitting in, the seatbelt and the fact that you can recline during the flight? Or would you rather see messaging about being transported comfortably and safely to your tropical destination where you will be sitting on the beach and soaking up the sun with a beverage in your hand? I’ll take the latter with the benefits, please!
While this is Sales 101, I see credit unions (and other businesses, for that matter) get caught up in the functionality of their products and services rather than painting a picture that communicates the actual benefits to members. When formulating messaging, keep this quote in mind: “People don’t want to buy a quarter inch drill. They want a quarter inch hole,” -Theodore Levitt. Features do have a place in the sales cycle, but need to only be mentioned as differentiators once a member shows interest in a product or service.
For more tips on cross-selling and upselling, call our team at (972) 488-6400 or send an email to firstname.lastname@example.org