Proactive fee refund strategies at the account level for enhanced profitability, governance and customer loyalty.
Count on an end-to-end, analytics-driven solution to increase fee income by $5-$10 per account with targeted analytics and control revenue leakage with strategic, personalized refund decisions. Implement a consistent refund strategy across all lines of business and locations with the ability to set refund specifics for each account with customer-level capabilities. All while ensuring governance and easing regulatory compliance with documented models.
Deposit fees are a vital revenue source
Frequently Asked Questions
Learn more about the FICO Fee Refund Management Solution
By using analytics to manage fee refunds across the deposit portfolio, financial institutions gain a better understanding of when to refund fees and by how much. Doing so can return between $12 million and $20 million annually in additional revenue from fees that may have been unnecessarily refunded.
The strategies are deployed to the front line through a user-friendly interface to provide immediate access to clear refund decisions for each customer. This solution ensures consistent, transparent and strategic decisions across all channels, providing the right service to the right customers while helping drive governance and protecting against revenue leakage.
• Access customer data and build propensity models
• Create granular fee refund strategies
• Conduct champion/challenger testing, simulate and refine portfolio strategies
• Access a user-friendly interface to receive fee refund offers for each customer
• Use granular reports to understand customer refund history
• Employ an exception management tool to escalate requests
• Ability to control revenue leakage with strategic refund decisions
• Consistent refund policy applied across all lines of business and branch locations
• Customer-level capability to set refund specifics for each account
• Defensible and documented models to ensure governance and ease regulatory compliance
• No black-box solutions—banks have full access to underlying models
• Full visibility to model performance and refresh capabilities
• End-to-end auditability of past decisions
• Easily create and setup business objectives and constraints
• Develop strategies and implement frontline change management
• Hosted or on-premises solution deployment
• Complete forecasting and decision optimization solution
• Intuitive business user interface for sensitivities and what-if analysis
• Detailed insights into frontline
Find the untapped profit potential within your fee refund strategy.
Ensure consistent, transparent and strategic decisions across all channels, providing the right service to the right customers while helping drive governance and protecting against revenue leakage.