Engageware announced the launch of Peer Analytics for bank and credit union customers, allowing their customers to do benchmarking against similar-sized financial institutions.
Engageware’s solution will use appointment scheduling historical data such as:
- Pre-scheduled appointments per location vs. peer average
- Walk-in appointments per location vs. peer average
- Total appointment volume per location vs. peer average
According to the company, this data would provide financial customers with insights into appointment volume data for similar-sized institutions. Having visibility into the aggregate appointment volume average of their peer set allows a financial institution to proactively adjust its marketing and staffing strategies to match market trends while improving results. The information could also be used to drive growth and identify new areas of opportunity.
“Financial executives keep a close eye on their peer groups and view them as primary sources for information concerning customer experience and industry trends,” said Nina Vellayan, CEO of Engageware. “Peer Analytics provides bank and credit union executives a level of data that is rarely seen in our industry, enabling them to make actionable decisions to effect positive outcomes. This level of detailed factual analysis enables them to view and understand how their appointment schedule volume compares with industry norms. Financial institution decision-makers can now strategically identify opportunities for appointment scheduling marketing and determine how to best leverage staff in the branch.”
The TASBIA™ Bottom Line
Engageware (formerly TimeTrade) has been one of the leaders in serving financial institutions and has realized that collecting industry-wide data is of value to its customers. With this type of aggregated data analytics, its customers can gain insight into their performance relative to their peers, based on a big enough data set.
Larger organizations are relying on data-driven decision making, and by making this data available to customers the company hopes to help customers optimize the use of resources, for example, retail branch staffing levels. In some cases these analytics will be used in conjunction with other systems of record such as Work Force Management, but additional data points will no doubt be valued by some customers.
By providing a “peer analytics” feature, Engageware can extend beyond its traditional transaction-processing role to support management decision making. Ultimately, benchmarking against peer groups provides a view to see how companies are managing their customer interactions and front-line channels.