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Embed the power of advanced analytics into your deposit fee strategies
Today, most banks charge nominal fees for various deposit-related services, such as overdraft charges, ATM fees, minimum balance fees, service charges, etc. When customers request refunds for fees charged, each outcome materially impacts the bottom line – not to mention the bank’s reputation, depending on how these requests are handled.
To be successful in balancing business needs with customer satisfaction, banks need to rise above subjective decision-making and implement targeted analytics. FICO® Deposit Fee Refund Solution empowers business managers to develop analytically derived models and decision rules to implement fee refund strategies at the customer level. The strategies are seamlessly and immediately deployed to the front line to provide intelligent and actionable refund decisions for each customer. Consistent, transparent and strategic actions, applied across all channels, helps boost customer service while driving governance and helping boost fee income (generally between $5 and $10 per account).