FAQ's
What does Econiq do?
Econiq improves frontline sales & effectiveness by leveraging patented technology that uses, rather than replaces your existing applications and allows you to measure that effectiveness and its impact on your results. It does this by providing the ability to listen, capture and react to customers with real time, relevant prompts, support and recommendations. It also supports employees during servicing by responding dynamically to service interactions with just-in-time help specific to the transaction, improving their confidence and competency. The monitoring, reporting and analysis of the sales behaviors and activities, and the corresponding effect on closed sales and referrals, allows ongoing improvement at the individual and organizational level.
How is it different than a CRM solution?
Econiq is specifically designed to improve direct customer experiences that occur in branches and call centers. It improves customer-facing staff's ability and likelihood of identifying, capturing, and actively responding to sales opportunities during customer interactions. It gathers the information provided, in the moment, by the customer to add personalization and relevance to the experience. Using what you already know about the customer, the information gathered through Econiq, combined with our unique ability to "listen" to your applications and know what the customer is doing, value-added, actionable prompts and recommendations are made in real-time. CRM information that is readily available is used as part of this process.
Unlike CRM, Econiq isn't a tool to develop or provide a full picture of the customer's relationship. It is similar to CRM in its objective of better understanding the customer and providing more personalized solutions and a better experience. It offers the unique ability to capture information the customer gives you, as you provide service or proactively gather during a needs assessment. It makes that information, along with any CRM or other known customer information available actionable. Prompts and recommendations, relevant and specific to that customer and their situation are provided in the moment. Econiq really is a fresh approach.
Does this replace platform automation applications?
No. It enhances, invigorates and leverages existing platform applications. Platform automation applications have a primary goal of facilitating fast and efficient account opening. Econiq automates the sales and service processes, not account opening. Whether it's before opening an account or during/after a service transaction, Econiq helps improve cross-sell and referral opportunities with its user-friendly, flexible approach to capturing information, identifying needs and making recommendations. It's the missing link.
We already have a lot of customer information, how will capturing more improve sales and referrals?
Most banking software applications record or display static data, which may or may not be relevant or up to date and isn't necessarily useful in improving sales. If there is CRM or helpful customer information, it is generally derived or bank generated and may not assist the employee in proactively selling. Econiq captures the customer information that the customer gives you. There is no need to validate if the information is relevant or current; you got it from the source. Econiq makes it easy to capture, couples it with the information you already have, puts it into the context of the customer's visit and provides your employees with relevant, customized questions and recommendations. Your employees will feel more confident and more likely to approach and engage customers in a sales conversation - leading to more closed sales and referrals.
How does Econiq add value to the bottom line?
Econiq's primary benefit is in improving closed sales and referrals, but it is much more than that. Improving and personalizing the customer experience with increases customer satisfaction and loyalty. Providing useful tools and information that make employees feel competent and more empowered improves their satisfaction. And with just in time service support and best practice information, it improves overall efficiency.
More specifically, how will Econiq improve my referrals?
By enabling employees to capture the information customers share and use that in conjunction with information you already know, or offers already available to the customer, the recommendations your employees make increase and are more relevant to the customer's needs and situations, improving sales and referrals.
We don't need another icon on the desktop or having to hot-key to another application. How does Econiq address this concern?
One of the key benefits of Econiq is that not only does it not require hot-keying or become another icon, it helps reduce inefficiencies if you currently face this challenge. Econiq's patented "wrapping" and "listening" technology, allows Econiq to act as the conduit to relevant support and information and present it just in time, improving overall effectiveness of your sales and service interactions.
How long is the implementation cycle?
Again, Econiq's unique approach to "wrapping" expedites the implementation. The approach removes the need for lengthy, difficult integration projects and real business results can be realized in an amazingly short time.
Can you measure adoption and usage of the application?
Because Econiq uses a "listening" mechanism, there is a built in capability to monitor and manage utilization of the Econiq tools. This not only allows managers to understand adoption, but gives them tangible information on the behaviors and activities of their employees during the sales process. This information can be used to compare and contrast to results and is instrumental in quality coaching sessions. It also provides the ability to identify and syndicate best practices across the organization.
What does it take to make changes to the questions, recommendations and other content that Econiq delivers?
Econiq is specifically designed so that business rules, questions and other business content changes can be managed by a business administrator and are implemented quickly. The process is user-friendly, and doesn't require software code changes.
Won't using Econiq make the sales process longer?
Econiq isn't intended to make changes to your existing sales process, but rather to enhance it by providing a way to assist in what already occurs, but in a manual fashion. During a needs assessment, the information that is normally jotted down can now be captured and also assists in making relevant recommendation. Econiq can actually help facilitate and reinforce the process you have in place, ensuring it is followed in a consistent and effective manner.
What if we already have an existing customer profiling system?
In many cases, Econiq can automate your existing profiling system and make it more dynamic and interactive. Econiq delivers flexibility that a paper based, linear approach simply can't support and facilitates a more realistic dialogue based on customer needs and sales personnel approach, resulting in the capture of your customer's most important needs and helps generate personalized, relevant solutions to the customer.