New Research Uncovers Profit Increases, Productivity Gains,
and Enhanced Customer Experience
SASKATOON, SK, May 7, 2024
/PRNewswire/ - Coconut Software, a leading provider of
appointment scheduling, queue management, and video banking
solutions, today announced the findings of a commissioned Total
Economic Impactâ„¢ (TEI) Study conducted by Forrester Consulting,
which details significant financial and operational benefits for
financial institutions using Coconut Software.
Integral to the research was Forrester TEI experts designing a
composite financial institution based on interviews and data from
financial institutions already using Coconut Software. The
resulting analysis presents positive business value associated with
implementing Coconut, including:
- 325% ROI: The composite organization experienced benefits
of $2.21M over three years versus
total costs of $521K, adding up to a
net present value (NPV) of $1.69M and
an ROI of 325%.
- 2.5% Increase in New Deposit Accounts: Institutions saw an
increase in new deposit accounts, leading to an additional profit
of $330,000 over three years, with
355 new accounts opened.
- 8.5% Increase in Pull-Through Rates for Loans: Coconut Software
contributed to an additional 1,200 loans, and 95 additional
mortgages sold over three years, resulting in $1.6 million in additional profit.
- $294,000 in Recaptured
Productivity: With automated appointment scheduling and customer
engagement features, institutions recaptured significant staff
productivity over a three-year period.
"Coconut helps us, from a strategy standpoint, to transform our
branches from providing transactional interactions to advice
interactions. It helps us tee up our services in a way that enables
customers to easily connect with the right person and get the help
they need." EVP and chief community banking officer, Bank
(~$6M in AUM).
"We are thrilled that this Forrester TEI study finally gives
financial institutions a proven framework to assess the financial
impact of bringing Coconut Software into their organizations," says
Katherine Regnier, CEO of Coconut
Software. "Our customers have proof that bringing customers and
qualified staff together for productive conversations around
high-value products drives growth and improves engagement. We
believe this TEI study now democratizes that data for all banks,
credit unions, and other financial institutions."
To learn more about the results of the Forrester TEI study and
how Coconut Software can benefit your institution, visit
go.coconutsoftware.com/TEI or contact Coconut Software
marketing@coconutsoftware.com.
About Coconut Software:
At Coconut Software, we believe that connecting with your
financial institution should feel as breezy as a day at the beach.
That's why we spent a decade building a platform that makes it
effortless for customers to connect with representatives and easy
for staff to deliver exceptional experiences. Our appointment
scheduling, queue management, and video banking solutions are
trusted by 150+ leading financial institutions across North America, including RBC, Vancity, and
Rogue Credit Union. Coconut Software helps these FIs (and more)
attract new customers, improve experience, sell more products, and
improve customer loyalty.
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SOURCE Coconut Software