SwitchAgent Training for New Account Desk. Intro and Overview

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1 SwitchAgent Training for New Account Desk Intro and Overview

2 Today s Financial Institution Challenges Financial Institutions spend on average $200 to $300 to acquire a new checking account But, for a consumer, changing primary financial institution accounts is difficult 66% of account holders nationwide would consider switching Studies have concluded that customer loyalty to financial institutions is closely tied to the perceived effort of switching financial institutions. This is an issue for both financial institutions and their account holders

3 Today s customer Challenges Consumers have an average of 4-6 pre-authorized transactions coming in and out of their primary checking account on a recurring basis But, for a consumer, changing primary financial institution accounts is difficult Who do they contact to have these transactions pull from a new account? Then, when do they contact their billers and depositors to make sure that their transactions continue without interruption? Because of these issues, often times consumers won t move

4 What is a pre-authorized transaction? A recurring transaction that you have pre-approved, usually by providing a voided check or providing checking account information. Examples: Direct deposit, utility bills, and car insurance Bill pay transactions are not pre-authorized. Companies with pre-authorization set up Example: Direct Deposit, Utility Bills, Car Insurance The company takes funds directly from the consumers financial institution account Consumer checking Account

5 How does Deluxe SwitchAgent address the issue? SwitchAgent, from Deluxe, is the only automated concierge service in the United States that proactively facilitates the transfer of pre authorized transactions (both bills and deposits) by: Gathering account information from customer using Deluxe customer care center Notifying billers and employers of account information changes Sending balance of account transfer notification to customer s former financial institution to facilitate the closure of customer s old account

6 1 2 Process Overview Service offered in Branch, Consumer Authorizes 3 4 FI faxes signed Switch Authorization to Deluxe Consumer contacted, switch information collected Personalized switch schedule sent to customer and notifications sent to billers and depositors

7 Branch Duties 1. Each time you are opening a new consumer account, state: Let s talk about moving your automatic payments to your new account. 2. Go to (insert form location) and open the SwitchAgent customer authorization form.

8 3. Enter in all required customer information, including appointment time Note: While addresses are not required, providing a valid address will ensure the consumer will be sent updates on their account switch status. Customer addresses will not be used for marketing purposes. 4.Print authorization form Branch Duties

9 5. Get customer signature Branch Duties 6. Fax signed authorization form to Deluxe at Provide SwitchAgent worksheet (from your folder) to customer

10 Deluxe Duties 1. Contact the account holder during selected appointment time 2. Deluxe contact billers and depositors to change their records to the customers new account 3. Provide account holder with a personalized switch schedule

11 The Result Deluxe distributes notifications on your customers behalf to change records to the their new account number with your financial institution. Your customer has smoothly transitioned their banking activity to your financial institution and establishes a new primary financial institution relationship!

12 Additional Questions? For financial institutions: SwitchAgent Hotline: For consumers: SwitchAgent customer Service: