AUSTIN, Texas, March 21, 2017 /PRNewswire/ -- Banker's Toolbox, Inc., the leader in Bank Secrecy Act anti-money laundering compliance solutions, has launched innovative business intelligence software called Relationship Manager. Relationship Manager leverages a financial institution's existing transactional data to identify opportunities for cross-sell and retention.
Filling a Void
According to a recent Banker's Toolbox survey, the results from third-party Marketing Customer Information Files (MCIF) are often misunderstood or inadequate. The survey indicated that MCIFs might be more successful in simply collecting demographic or account-level data, with twice as many survey respondents choosing demographics over effective cross-selling as their MCIF's main success factor.
Tracking Customer Behavior and Acting with Purpose
Relationship Manager is a revolutionary tool that can utilize an institution's investment in BSA/AML transaction monitoring to address the challenges of cross-sell and retention. It scans an institution's transactional data to detect patterns that indicate cross-sell or retention opportunities as they occur. It clearly explains the pattern detected and what it might indicate, giving the institution an opportunity to engage with their customers in a relevant and expedited manner.
"The advantage to our customers lies in the ability to transform a cost center into a profit center," said John Meyer, Chief Product Officer at Banker's Toolbox. "Where BSA/AML automation used to be seen as a necessary expense, we now have the ability to provide a real return on investment to those who use the same data to cross-sell."
Harnessing Existing Data to Empower Smart Decisions
Banker's Toolbox created Relationship Manager to help give financial institutions a competitive edge. "If you're going to be competitive in this industry, you have to be equipped to win," said Meyer. The goal of Relationship Manager is to empower business intelligence that will improve an institution's profitability.
To view the full Banker's Toolbox business intelligence study or to learn more about Relationship Manager, visit www.bankerstoolbox.com.
About Banker's Toolbox, Inc.
Austin, TX-based Banker's Toolbox, Inc. helps organizations manage risk and streamline compliance. The company's product suite consists of proven solutions for money laundering detection and reporting, risk management through fraud prevention, secure wire processing automation, and commercial real estate loan portfolio risk assessment. The Banker's Toolbox team is a unique combination of seasoned bankers, former regulators, and information technology experts. For more information, visit the company's website at www.bankerstoolbox.com.
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SOURCE Banker's Toolbox, Inc.