Deposits Fee Refund Management

Deposits Fee Refund Management

Retain fee revenue, reduce costs, and deliver an outstanding customer experience – simultaneously.

Solution Details

Count on an end-to-end, analytics-driven solution.

The #1 reason consumers switch banks today is their perception of high or arbitrary fees. So, it’s vital to offer them a better experience – and maximize profitability at the same time.

FICO’s Deposit Fee Refund Solution helps you:

  • Increase fee income by $5-$10 per account with targeted analytics.
  • Control revenue leakage with strategic, personalized refund decisions.
  • Implement a consistent refund strategy across all lines of business and locations.
  • Set refund specifics for each account with customer-level capabilities.
  • Ensure governance and ease regulatory compliance with documented models.

 

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Unify

Use analytics that create an enterprise-wide profile of each customer.

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Model

Build propensity models for retention and attrition based on fee refund actions.

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Calculate

Determine refund criteria and appropriate offers for each customer.

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Automate

Implement fee refunds reactively and proactively with automated decisioning.

 

On the back end, analysts can:

  • Access organization-wide customer data and build propensity models
  • Create granular fee refund strategies.
  • Conduct champion/challenger testing to simulate and refine refund strategies.

On the frontline with customers, bank associates can:

  • Access a user-friendly platform to receive instantaneous refund offers.
  • Use granular reports to understand a customer’s refund history.
  • Escalate requests quickly with an exception management tool.

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