APAC CIO Outlook
  • Home
  • CXO Insights
  • CIO Views
  • News
  • Conferences
  • Newsletter
  • Whitepapers
  • About us
Apac
  • Admired Tech

    Agile

    AI Healthcare

    Artificial Intelligence

    Augmented Reality

    Aviation

    Big Data

    Blockchain

    Cloud

    Cryptocurrency

    Cyber Security

    Digital Transformation

    Drone

    HPC

    Infrared

    Internet of Things

    Networking

    PropTech

    Remote Work

    Scheduling Software

    Simulation

    Startup

    Storage

    Wireless

  • Banking

    E-Commerce

    Education

    FinTech

    Food and Beverages

    Healthcare

    Insurance

    Legal

    Manufacturing

    Pharma and Life Science

    Retail

    Travel and Hospitality

  • Atlassian

    CISCO

    Microsoft

    Oracle

    Salesforce

    SAP

    ServiceNow

  • Business Intelligence

    CEM

    Cloud-based Planning

    Cognitive

    Compliance

    Contact Center

    Contact Tracing

    Contactless Payments

    Content Management System

    Corporate Finance

    CRM

    Custom Software Development

    Data Center

    Enterprise Architecture

    Enterprise Communications

    Enterprise Contract Management

    ERP

    Field Service

    HR Technology

    IT Service Management

    Managed Services

    Procurement

    Product Management

    RegTech

    Revenue Management

    Sales Tech

Menu
    • FinTech
    • Augmented Reality
    • Agile
    • Cognitive
    • Cyber Security
    • Digital Transformation
    • Atlassian
    • E-Commerce
    • Managed Services
    • RegTech
    • CISCO
    • Blockchain
    • IoT
    • MORE
    #

    Apac CIO Outlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIO Outlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    • Home
    • FinTech
    • Vendor
    • FUCO&SOLUTION
    Previous
    Next

    FUCO&SOLUTION: Personalized Bank Statements for Cross-selling and Up-selling

    Alex Lin,Chairman and CEO, FUCO&SOLUTIONAlex Lin, Chairman and CEO

    Capabilities such as mobile banking have quite significantly changed the way banks and other financial institutions connect with their customers. Banks can now carry out output management efficiently by producing account statements, which users can conveniently access using their smartphones. While these statements serve the purposes of providing the transaction details and account summary to the customers, they lack when it comes to cross-selling of bank’s products. Alex Lin, Chairman and CEO of FUCO&SOLUTION believes that financial bank statements are the most efficient and valuable channels for communication between banks and customers. Considering this, FUCO&SOLUTION monetizes the bank statements and enables cross-selling and up-selling of financial products along with effective content management.

    Holding a staggering 40 percent market share in Taiwan, FUCO&SOLUTION personalizes credit card and bank statements for mobile devices by integrating their software with the bank transactions. “People don’t go to their mobile banking apps or online banking portals to explore other products offered by the banks. They might do some transactions, but they never buy cross-selling products,” explains Alex, addressing the obstacles faced by the financial organizations in marketing their products. The bank statements not only help in marketing variety of products offered by the company, but also deliver a convenient method of follow-up for the transactions made by the customers. Using the transaction history, customer preferences, and purchasing behavior, the statements offer financial advisory on products such as loan applications, installment payment methods, and mortgage feasibility.

    Statements not only help in marketing various products offered by the company but also deliver a convenient method of follow-up for the transactions


    The company offers a content manager application that allows customers to drag and drop financial products into their statements; credit card/bank statements then deliver a personalized suggestion of products to the customers. Robo Devicer is an advisory module of the application that understands customer preferences by providing them with questionnaires—answerable with a mere tap of the finger. This helps in understanding the customers’ requirements to cross-sell a variety of products. The module also facilitates KYC (know your customer) services to enhance the communication between the banks and their customers. Stacked with Robo Devicer, the company’s platform helps understanding customers’ spending behavior and credit card usage to deliver tailored product suggestions and services. The platform also enables customers to earn loyalty points and rewards to avail discount and benefits in succeeding transactions.

    The wide array of CRM services— statements, content management, and cross-selling of products—bundled with the transaction summary results in higher gross-revenue and profit margins with greater customer retention for banks. FUCO&SOUTION delivered similar outcomes to a bank with 33 million cardholders accounting for 33 million paper printed statements. FUCO&SOLUTION helped the client save three million dollars on an average by eliminating paperbound processes and replacing the same with digital credit card statements. Further, the client also attained cross-selling revenue generated by e-commerce, initially outsourced to third-party vendors.

    Reminiscing his prior work experience of assisting financial institutions, Alex talks about the challenges faced by the industry, “We found out that no matter how complicated or simple the system, output management (statements) is the highest priority.” Having earned a reputation for their personalized statements, the company is rapidly growing in the Asian market and soon hopes to target the American audience by bolstering their products and services. The company also aims to adapt to blockchain technology in the near future and hopes to expand their portfolio with insurance products.
    Previous
    Next
    Share this Article: Tweet
    2017

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    CIO Speaks

    • IT Service Delivery Models Evolving with Business

      Todd Larson, CIO, Sentinel Benefits & Financial Group

      E-Mortgage, The Next Big Thing is already here: Make it Bigger

      Nafees Ahmed, CIO, Indiabulls

      Technology and Business Conscience Collision

      Winston Benedict, CIO, Dentsu Aegis Network ANZ

      eMortgage, The Next Big Thing is Already Here: Make it Bigger

      Nafees Ahmed, CIO, Indiabulls

      The Right Technology And Reliable Partners; The Business Next Frontier

      Luke O'Brien, CIO, ISS Facility Services Australia & New Zealand

      Service Organisations Make Great Places To Work, And Deliver Better Value

      Matthew Perry, CIO, Orora Limited [ASX: ORA]

    • How Have Recent Advancements in Big Data Been Impacting Businesses?

      Marc Solomon, CIO, Bvn Architecture

      BI & Analytics in Aquaculture

      Matthew Leary, CIO, Tassal Operations

      BI and Analytics

      Gary Peel, CIO, SYNERGY (ASX:IS3)

      A Blend of Six Technologies to Enhance Teaching-Learning Processes

      John Hui, CIO, The Education University of Hong Kong

      Creating Integrated Workflows for an Evolving Company

      Mike Everly, CIO, D&H Distributing

      Modern Software Development Methodologies

      Kevin Glynn, VP and CIO, DSC Logistics

    Copyright © 2021 APAC CIOoutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy and Anti Spam Policy 

    |  Sitemap |  Subscribe

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://fintech.apacciooutlook.com/vendor/fucosolution-personalized-bank-statements-for-crossselling-and-upselling-cid-2724-mid-139.html