The turmoil in the credit and mortgage markets has brought a ray of light for savers, as institutions battle to win in new monies. Combined with the already competitive nature of the market and rates topping 7%, this is a prime time for customer acquisition.
As the Internet continues to grow as the primary new customer acquisition channel maximising application conversions remains a key driver for all financial services companies. The integrated service from moneyfacts and iE means financial services customers can now achieve this quickly and cost effectively. Initially covering virtually the whole savings market from ISAs to Internet accounts, additional financial services products will be added as the partnership develops.
Positive feedback has already been received for the two key differentiators of this service:
All new customer applications generated from Moneyfacts will be fully authenticated. This means that financial services companies will not incur additional Know Your Customer check costs reducing their overall cost of acquisition.
The service can be contracted on rental terms, for a minimum contract period and with full hosting and implementation support. Licence costs are replaced by a cost per application charge resulting in a low upfront investment and running costs aligned to new business accounts.
iE is an expert in internet customer acquisition and has live solutions across a range of financial services companies, including Barclaycard, RBS mint, HBOS affinity credit card and loan portfolios and Principality Building Society. The partnership with Moneyfacts, the leading independent financial search engine, delivers a service proposition that removes the disconnection between a customer seeing an attractive savings rate and then not being able to apply online.
Jerry Mulle, Sales and Marketing Director, iE comments, "Our partnership with Moneyfacts offers a real value-added service to building societies and smaller financial services providers. Promotion of attractive products and quick conversion can be achieved using our one-stop outsourced service. With Moneyfacts we've a 'pay as you go' pricing model to offer a low cost start-up solution that supports the business case for online financial services reduced cost of acquisition and reduced operational costs."
Stephen Rumbelow, Head of Moneyfacts, commented: "With the increasingly prohibitive costs of traditional high street banking, more institutions are focusing on the provision of competitively priced savings products online, made possible due to the vastly reduced overheads. However although the products themselves are often market leading, shortcomings in the application processes can see much of the product potential and investment in product pricing go to waste through poor conversion rates. Trying to convert a lead into a sale through a call centre just adds to the overall cost of acquisition."
"Whilst the bigger players in the personal finance market have the resources to be able to implement their own online sales processes, we see this as an opportunity for building societies and smaller financial service companies to benefit by gaining increased market share through higher online sales conversion at low cost and low risk"