Company: Ignite Sales, Dallas, TX
Entry Submitted By: Red Javelin Communications
Company Description: Ignite Sales is a leader in accelerating organic sales growth for banks. Ignite’s services combine a recommendation platform with powerful analytics that match products to customer eligibility in real-time at the point-of-sale.
Nomination Category: New Product & Service Categories - Content
Nomination Sub Category: New Product or Service of the Year - Content - Sales & Marketing Intelligence Solution

Nomination Title: Ignite Sales Profitability Dashboards for OmniChannel Measurement

Tell the story about this nominated product or service (up to 650 words). Describe its function, features, benefits, and performance to date:

At one time all banking transactions were handled at the local branch. Today banking is done from anywhere and everywhere. OmniChannel has become a reality in banking and with it comes new challenges including a consistent sales process across the OmniChannel and the ability to measure each channel’s effectiveness. The Ignite Sales Profitability Dashboards for OmniChannel Measurement are a cloud-based analytics solution that does just that – it gives banks unparalleled detailed visibility into channel performance. Data from the Dashboards are used to increase channel sales effectiveness and profitability. Banks can now measure the value of each channel’s actual sales. The Dashboards provide the analytics and decision-support information in combination with Ignite’s Recommendation Guides which enable sales reps to recommend best-fit banking products with customers at the point of sale. The Dashboards measure the gaps between what was sold and what was recommended but not yet sold. The Dashboards show the potential relationship the bank could have with its customers and prospects based on product eligibility, captured profits, and compares profitability by channel, by product, and by income type.

The Dashboards reveal what was previously unknown. For example, lost opportunities, sales process gaps, marketing opportunities - by geography, by customer segment, and campaign. From a financial standpoint, the Dashboards break down analyses in various ways including potential and actual profits in terms of interest vs. fee income per channel. Previously, bank executives, including the CFO, have had no way of knowing what products were recommended to customers at the point-of-sale in terms of potential profitability or how much income is available per channel.

At the core of Ignite’s solution is its Sales Analytics. Data for these Analytics are obtained using several unique and patented predictive algorithms gathering input from each user, banking product thresholds, and specialized banking data based on nearly 4,000,000 actual sales interactions revealing purchasing behavior. This data is proprietary – banks nor competitors have gathered information that matches the comprehensiveness of Ignite’s data, making it nearly impossible for competitors to replicate the solution. The Sales Analytics are used to match product bundles to each customer using Recommendation Guides. The Profitability Dashboards for OmniChannel Measurement are based on the data from both the Sales Analytics and the Recommendation Guides.

The Dashboards provide banks the ability to measure ROI almost immediately. Rockland Trust increased new business account openings by over 50% within the first three months of using Ignite’s Recommendation Guides and Sales Analytics. Business banking products are some of the most complicated and difficult to sell and some of the most profitable for banks. By automating the sales process, Ignite has made the sales process simpler and more profitable as well as consistent across all channels. Using Ignite’s solution in-branch, Rockland has also learned that most business prospects qualify for up to eight products and has seen an increase in cross sales at the initial account opening when using Ignite’s Recommendation Guides. The Guides provide Rockland Trust representatives with a personalized and automated business tool that helps them quickly qualify small business prospects and make consistent product recommendations during the consultative sales process. The Guides help staff to tailor the bank’s full range of products to each business’s needs. In addition, using Ignite’s Analytics and Profitability Dashboards, Rockland Trust has been able to gain detailed visibility into branch performance and manage branch sales effectiveness.

After only six months, Central Bancompany increased product sales per interaction in its branch channel by 20% with existing customers and 15% with new customers using Ignite. Even the bank’s best performing sales reps were able to increase their account penetration by 40%. The solution, which has been implemented across the holding company’s 13 banks, 135 branches and their online presence, also provides key measurements of value throughout the organization and serves as a value-added management tool for relationship management improvements and informed decision making on channel initiatives, employee performance and product management.

In bullet-list form, briefly summarize up to ten (10) of the chief features and benefits of the nominated product or service:

• Provides key metrics for ROI measurement and serves as a management tool for informed decision making on channel initiatives, including branch and even employee performance, in order to close the gap on untapped profitability.

• Provides executives with real time and actionable information to make informed decisions and prioritization for marketing, product offerings and sales staffing.

• Proven to help banks close the relationship and profitability gaps across all channels and simultaneously ensure personalized customer experiences based on assessing and fulfilling customer needs for financial products.

• Provides a new and unprecedented stream of valuable data that reveal to banks the overall potential profitability of their customers across all channels. The data provides a method to deepen relationships based on customer and market needs.

• Provides metrics that enable focused management and coaching opportunities throughout the bank’s branch network for continuous improvement and measurement towards company goals.