Independent Research Firm Cites Econiq as one of the Top Hot Bank Technologies to Watch for in 2010

BURLINGTON, Mass., Feb. 2 /PRNewswire/ -- Forrester Research, a leading independent research and analyst firm has named Econiq as one of the top hot bank technologies to watch for in 2010 in the December 2009 report "Hot Banking Tech Companies to Watch In 2010."  

The Econiq solution solves the very persistent problem of frontline sales effectiveness for banks and credit unions. It enables organizations to measurably impact bottom-line results by improving up and cross sell performance at the frontline.  Existing client deployments have delivered a 20% plus improvement in sales from frontline channels and a full return on investment in 3 to 6 months.  The solution is easily customized, requires no integration with a client's existing technology infrastructure and can be implemented and delivering results within 4 weeks.

According to the Forrester Report, "Econiq's mission is to help retail branch operations managers within community banks and credit unions, already good at delivering personal service to bank customers more effectively utilize unstructured data to help cross- and up-sell.  What kind of unstructured data?  Nuggets of information like those valuable life events gleaned while exchanging pleasantries with the teller."   The report adds, "The teller captures the key life event, like a new baby, from a conversation, and Econiq's Sales Engine guides the teller through a sales conversation with the customer in order to recommend a relevant product or service or, if appropriate to automatically refer the lead to the investment, mortgage, or consumer loan side of the house."  The report reveals that "the technology can also observe which systems are used and how they are being used in the intelligence-gathering process. Because it's collecting all that data, the system can also tell which tellers or CSRs need help and help with what and then push a personalized coaching plan out to them."

In addition, according to Forrester's findings implementation time for the Econiq solution "can be a month or less for the closed-loop Sales Engine, Service Engine, Reporting Engine, and Coaching Engine components."  - Forrester's Hot Banking Tech Companies to Watch in 2010 Report

For a full copy of the report please contact Econiq at [email protected] or for more information visit www.econiq.com

SOURCE Econiq