Financial institutions will now be able to maximize the power of their customer service technologies and their marketing dollars, thanks to a new partnership between ENACOMM—a FinTech company that empowers banks, credit unions and credit card companies with solutions for improving the customer experience (CX), fighting financial fraud, and increasing operational efficiency—and FedFis, creators of The FinTegration Ecosystem, comprehensive data on the U.S. Banking industry with unique insights and analytics on Financial Technology (FinTech) service providers. ENACOMM and FedFis are joining forces to leverage their extensive data on customer channel interactions and vendor integrations, in order to provide financial institutions with empirical guidance on how to better control and target their technology decisions.
“FedFis is the only company with sweeping financial and vendor data on every bank and credit union across the U.S., and no other company collects in-depth data on customer service channels usage by bank customers and credit union members like ENACOMM,” explained ENACOMM CEO Michael Boukadakis. “Knowing what one’s customers are doing across interaction channels and what one’s peers are spending across interaction channels, and then being able to evaluate these metrics relative to each other, is an extraordinary opportunity for financial institutions.”
Boukadakis added, “Not only can we provide metrics to a bank or credit union that reveal what its mobile banking application adoption is, for instance, compared to its other customer interaction channels, we can also shed light on how its technology spend for that mobile banking app compares to its industry peer group, as well as which vendors and products its peer group is using most often. This information enables a financial institution to determine whether it’s spending too little or too much on each customer service technology channel.”
ENACOMM tracks customer interactions in the online banking, mobile banking, IVR, and conversational banking (via digital assistants, such as the Amazon Alexa or Google Home) channels. Beyond tallying transactions that take place in each channel, ENACOMM reports in real-time who is conducting the transactions—by group, anonymized—and which specific actions they are taking during each interaction.
Offering a holistic view of the financial services industry, FedFis positions the engagement data ENACOMM provides into measurable context. The partnership allows U.S. banks and credit unions of all sizes to drill down and compare feature-to-feature customer service technology spend with other financial institutions in their peer group for the first time.
“The science of big data continues to evolve, which fuels the growth of its benefits,” commented Tanner Mayo, President of FedFis. “We immediately recognized the significance of what ENACOMM is doing for its bank and credit union customers and are excited to team up in order to extend the value of our full-picture industry analytics. Only through this partnership can financial institutions sit in the cockpit and determine, with accurate instruments, what level of spend on each technology channel maximizes ROI and customer satisfaction. It’s a true competitive advantage.”